Block Island Maritime Funding Inc

Analysis

Block Island Maritime Funding Inc is a registered charity in United States, based in Wakefield, RI. It received its IRS tax-exemption ruling in December 2012, 14 years ago. Its declared purposes cover youth development, which this site groups under children and youth development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Block Island Maritime Funding Inc reported income of $1.9m and spending of $1.5m, spending 82% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $664k to $1.9m (+179%), an average of +29% a year. The sharpest change came in the year to December 2020, when income rose by 92%. Over the whole period it spent 116% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Block Island Maritime Funding Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 82nd percentile within RI. Charities of a similar size with the same main cause include Learning for Life ($1.8m), Inside Out Youth Services ($1.9m) and Boys & Girls Club of Harrison County Incorporated ($1.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 64% and program service revenue 37% of the total. Compensation of current officers, directors and key employees was $142k (9.4% of expenses). Other salaries and wages came to $34k. At year end it held assets of $2.1m against liabilities of $247k, net assets of $1.9m. It reported 4 employees.