Special Improvement District Borough of Redbank Inc

Analysis

Special Improvement District Borough of Redbank Inc is a registered charity in United States, based in Red Bank, NJ. It received its IRS tax-exemption ruling in February 1993, 33 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 December 2023, Special Improvement District Borough of Redbank Inc reported income of $1.1m and spending of $671k, leaving 36% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $843k to $1.1m (+25%), an average of +5.7% a year. The sharpest change came in the year to December 2023, when income rose by 63%. Over the whole period it spent 98% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Special Improvement District Borough of Redbank Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 83rd percentile within NJ. Charities of a similar size with the same main cause include New York Womens Chamber of Commerce Inc ($1.1m), Next Level Community Development Center Inc ($1.1m) and Limestone Valley Resource Conservation & Dev Counsel ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 35% and program service revenue 62% of the total. Compensation of current officers, directors and key employees was $100k (15% of expenses). Other salaries and wages came to $98k. At year end it held assets of $1.1m against liabilities of $641k, net assets of $414k. It reported 5 employees.