Hedco Inc

Analysis

Hedco Inc is a registered charity in United States, based in Hartford, CT. It received its IRS tax-exemption ruling in September 2001, 25 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic 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 May 2023, Hedco Inc reported income of $4.5m and spending of $3.2m, leaving 30% of income unspent that year. Across the 5 years on record, from May 2019 to May 2023, income grew from $4.0m to $4.5m (+13%), an average of +3.0% a year. The sharpest change came in the year to May 2021, when income rose by 223%. Over the whole period it spent 82% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Hedco Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within CT. Charities of a similar size with the same main cause include Washington DC Economic Partnership ($4.5m), Step Forward Activity Center Inc ($4.5m) and Family Works ($4.5m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 68% and program service revenue 30% of the total. Compensation of current officers, directors and key employees was $419k (13% of expenses). Other salaries and wages came to $672k. At year end it held assets of $35.6m against liabilities of $15.2m, net assets of $20.4m. It reported 13 employees.