75 Spruce Street Development

Analysis

75 Spruce Street Development is a registered charity in United States, based in Paterson, NJ. It received its IRS tax-exemption ruling in September 2008, 18 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 supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, 75 Spruce Street Development reported income of $1.5m and spending of $1.3m, spending 87% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $960k to $1.5m (+58%), an average of +12% a year. The sharpest change came in the year to June 2022, when income rose by 45%. Over the whole period it spent 78% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, 75 Spruce Street Development sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 86th percentile within NJ. Charities of a similar size with the same main cause include Korean Community Service Center ($1.5m), South Bend Civic Theatre Inc ($1.5m) and Austin Revitalization Authority ($1.5m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 92% of the total. At year end it held assets of $7.6m against liabilities of $5.0m, net assets of $2.6m.