Harambee Community Development Initiative Inc

Analysis

Harambee Community Development Initiative Inc is a registered charity in United States, based in East Orange, NJ. It received its IRS tax-exemption ruling in September 1994, 32 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, Harambee Community Development Initiative Inc reported income of $1.3m and spending of $1.3m, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.5m to $1.3m (-18%), an average of -4.7% a year. The sharpest change came in the year to December 2021, when income rose by 33%. Over the whole period it spent 101% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Harambee Community Development Initiative Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 84th percentile within NJ. Charities of a similar size with the same main cause include Casella Plaza Housing Development Fund Corporation ($1.3m), Foundation for Black Entrepreneursh Ip ($1.3m) and Dae Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% and program service revenue 6.0% of the total. Compensation of current officers, directors and key employees was $85k (6.6% of expenses). Other salaries and wages came to $612k. At year end it held assets of $539k against liabilities of $613k, net assets of -$74k. It reported 20 employees.