Beacon Project

Analysis

Beacon Project is a registered charity in United States, based in Islesboro, ME. It received its IRS tax-exemption ruling in June 2003, 23 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Beacon Project reported income of $972k and spending of $820k, spending 84% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $726k to $972k (+34%), an average of +7.6% a year. The sharpest change came in the year to September 2021, when income rose by 85%. Over the whole period it spent 94% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Beacon Project sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 76th percentile within ME. Charities of a similar size with the same main cause include Hall-Dawson Casa Program Inc ($971k), Berry Park Housing Corporation ($972k) and Oasis of Hope Community Development Corp ($971k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 30% and program service revenue 57% of the total. Compensation of current officers, directors and key employees was $68k (8.3% of expenses). Other salaries and wages came to $432k. It paid $1,400 in professional fundraising fees. At year end it held assets of $2.9m against liabilities of $96k, net assets of $2.8m. It reported 23 employees.