Bay Future Inc

Analysis

Bay Future Inc is a registered charity in United States, based in Bay City, MI. It received its IRS tax-exemption ruling in May 2012, 14 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Bay Future Inc reported income of $297k and spending of $407k, spending 137% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.5m to $297k (-80%), an average of -33% a year. The sharpest change came in the year to December 2022, when income rose by 339%. Over the whole period it spent 73% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Bay Future Inc sits at the 59th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 62nd percentile within MI. Charities of a similar size with the same main cause include Budokan Inc ($297k), High Point Discovered Inc ($297k) and Lake Chelan Rotary Community & International Fund ($297k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 98% of the total. Compensation of current officers, directors and key employees was $113k (28% of expenses). Other salaries and wages came to $112k. At year end it held assets of $1.1m against liabilities of $107k, net assets of $1.0m. It reported 5 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.