Wakeman Memorial Association Inc

Analysis

Wakeman Memorial Association Inc is a registered charity in United States, based in Bridgeport, CT. It received its IRS tax-exemption ruling in November 1937, 89 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 July 2023, Wakeman Memorial Association Inc reported income of $11.6m and spending of $4.4m, leaving 62% of income unspent that year. Across the 6 years on record, from August 2019 to July 2023, income grew from $5.4m to $11.6m (+117%), an average of +17% a year. The sharpest change came in the year to July 2022, when income rose by 91%. Over the whole period it spent 44% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Wakeman Memorial Association Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within CT. Charities of a similar size with the same main cause include Girl Scouts North Carolina Coastal Pines Inc ($11.5m), Boys & Girls Clubs of Benton and Franklin Counties ($11.6m) and Boys & Girls Clubs of Metro Los Angeles ($11.4m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 88% and program service revenue 8.9% of the total. Compensation of current officers, directors and key employees was $339k (7.8% of expenses). Other salaries and wages came to $1.8m. At year end it held assets of $31.3m against liabilities of $1.7m, net assets of $29.6m. It reported 201 employees.