Spectrum Industries

Analysis

Spectrum Industries is a registered charity in United States, based in Decorah, IA. It received its IRS tax-exemption ruling in December 1984, 42 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 (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, Spectrum Industries reported income of $603k and spending of $1.2m, spending 192% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $977k to $603k (-38%), an average of -11% a year. The sharpest change came in the year to June 2022, when income rose by 61%. Over the whole period it spent 122% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Spectrum Industries sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 75th percentile within IA. Charities of a similar size with the same main cause include Afrithrive Inc ($603k), Affiliated Tribes of Northwest Indians-Economic Development Corp ($603k) and Xleratehealth Non-Profit Inc ($602k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 9.8% and program service revenue 83% of the total. Other salaries and wages came to $623k. At year end it held assets of $1.1m against liabilities of $1.2m, net assets of -$93k. It reported 42 employees.