Grow Associates Inc

Analysis

Grow Associates Inc is a registered charity in United States, based in Randolph, MA. It received its IRS tax-exemption ruling in June 1975, 51 years ago. Its declared purposes cover employment, 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 June 2024, Grow Associates Inc reported income of $5.8m and spending of $5.7m, spending 99% of its income. Across the 6 years on record, from June 2019 to June 2024, income grew from $5.0m to $5.8m (+15%), an average of +2.8% a year. The sharpest change came in the year to June 2023, when income rose by 25%. Over the whole period it spent 90% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Grow Associates Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MA. Charities of a similar size with the same main cause include Youth Employment Partnership Inc ($5.8m), Federation Housing Inc ($5.8m) and Hester Street Collaborative Inc ($5.7m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 2.8% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $324k (5.7% of expenses). Other salaries and wages came to $2.9m. At year end it held assets of $12.7m against liabilities of $7.0m, net assets of $5.7m. It reported 61 employees.