Fairhaven Industries Inc

Analysis

Fairhaven Industries Inc is a registered charity in United States, based in Warren, OH. It received its IRS tax-exemption ruling in July 1983, 43 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 December 2023, Fairhaven Industries Inc reported income of $5.3m and spending of $5.4m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.7m to $5.3m (+44%), an average of +9.6% a year. The sharpest change came in the year to December 2021, when income rose by 21%. 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, Fairhaven Industries 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 92nd percentile, and in the 92nd percentile within OH. Charities of a similar size with the same main cause include Community Development Corporation of Oregon ($5.3m), Southeast Idaho Council of Governments ($5.3m) and SFS Development Inc ($5.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 7.2% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $104k (1.9% of expenses). Other salaries and wages came to $3.8m. At year end it held assets of $2.9m against liabilities of $1.1m, net assets of $1.9m. It reported 393 employees.