Duet Inc

Analysis

Duet Inc is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in March 2019, 7 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 June 2023, Duet Inc reported income of $2.7m and spending of $4.5m, spending 164% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $5.2m to $2.7m (-48%), an average of -15% a year. The sharpest change came in the year to June 2022, when income rose by 89%. Over the whole period it spent 107% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Duet Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within MA. Charities of a similar size with the same main cause include Mifos Initiative ($2.7m), Local 697 Ibew Apprentice ($2.7m) and Partners in Ministry ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 47% and program service revenue 44% of the total. Compensation of current officers, directors and key employees was $593k (13% of expenses). Other salaries and wages came to $2.0m. At year end it held assets of $6.4m against liabilities of $1.1m, net assets of $5.4m. It reported 41 employees.