Salem Economic Development Corporation

Analysis

Salem Economic Development Corporation is a registered charity in United States, based in Salem, SD. It received its IRS tax-exemption ruling in November 2022, 4 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 December 2023, Salem Economic Development Corporation reported income of $145k and spending of $139k, spending 96% of its income. Across the 2 years on record, from December 2022 to December 2023, income fell from $285k to $145k (-49%), an average of -49% a year. The sharpest change came in the year to December 2023, when income dropped by 49%. Over the whole period it spent 33% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Salem Economic Development Corporation sits at the 44th percentile: it is larger than about 44% of them. Against every charity in United States with reported income it ranks in the 46th percentile, and in the 43rd percentile within SD. Charities of a similar size with the same main cause include Kansas Kiwanis Foundation Inc ($145k), West Side New Beginnings Inc ($145k) and Charity League ($145k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 31% and program service revenue 65% of the total. At year end it held assets of $811k against liabilities of $6,505, net assets of $805k.