62 Market Street Inc

Analysis

62 Market Street Inc is a registered charity in United States, based in Wailuku, HI. It received its IRS tax-exemption ruling in May 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, 62 Market Street Inc reported income of $113k and spending of $304k, spending 268% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $144k to $113k (-21%), an average of -5.8% a year. The sharpest change came in the year to June 2020, when income dropped by 35%. Over the whole period it spent 273% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, 62 Market Street Inc sits at the 38th percentile: it is larger than about 38% of them. Against every charity in United States with reported income it ranks in the 40th percentile, and in the 38th percentile within HI. Charities of a similar size with the same main cause include Cascadia Quest ($113k), Citizens4community Inc ($113k) and Gamaliel of California ($113k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 4.6% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $1,190 (0.4% of expenses). Other salaries and wages came to $34k. At year end it held assets of $1.9m against liabilities of $2.9m, net assets of -$987k.

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.