Spruce Island Development Corporation Inc

Analysis

Spruce Island Development Corporation Inc is a registered charity in United States, based in Kodiak, AK. It received its IRS tax-exemption ruling in February 2023, 3 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Spruce Island Development Corporation Inc reported income of $526k and spending of $517k, spending 98% of its income. The sharpest change came in the year to September 2023, when income rose by 526250%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Spruce Island Development Corporation Inc sits at the 68th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 67th percentile within AK. Charities of a similar size with the same main cause include Grant County Economic Development Council ($526k), United for a Good Cause Inc ($527k) and Platte Community Development Corporation ($526k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $49k against liabilities of $0, net assets of $49k.