Spectrum Works Inc

Analysis

Spectrum Works Inc is a registered charity in United States, based in Secaucus, NJ. It received its IRS tax-exemption ruling in September 2011, 15 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 (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, Spectrum Works Inc reported income of $1.3m and spending of $1.1m, spending 87% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $719k to $1.3m (+77%), an average of +15% a year. The sharpest change came in the year to December 2023, when income rose by 55%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Spectrum Works 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 Circulo Real Property Holding Corporation ($1.3m), Bergmann Center Incorporated ($1.3m) and Citizens Alliance of America Foundation Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 49% and program service revenue 42% of the total. Compensation of current officers, directors and key employees was $106k (9.6% of expenses). Other salaries and wages came to $589k. At year end it held assets of $615k against liabilities of $164k, net assets of $451k. It reported 101 employees.