Utec Inc

Analysis

Utec Inc is a registered charity in United States, based in Lowell, MA. It received its IRS tax-exemption ruling in September 2003, 23 years ago. Its declared purposes cover youth development, which this site groups under children and youth 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, Utec Inc reported income of $17.3m and spending of $12.8m, leaving 26% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $8.2m to $17.3m (+110%), an average of +20% a year. The sharpest change came in the year to June 2021, when income rose by 36%. Over the whole period it spent 70% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Utec Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within MA. Charities of a similar size with the same main cause include Boys & Girls Clubs of Broward County ($17.3m), Iowa Jag Inc ($17.3m) and Girl Scouts of Central Texas Inc ($17.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 88% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $347k (2.7% of expenses). Other salaries and wages came to $6.3m. At year end it held assets of $38.5m against liabilities of $9.1m, net assets of $29.4m. It reported 209 employees.