Galvestons Own Farmers Market Inc

Analysis

Galvestons Own Farmers Market Inc is a registered charity in United States, based in Galveston, TX. It received its IRS tax-exemption ruling in October 2014, 12 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 December 2022, Galvestons Own Farmers Market Inc reported income of $494k and spending of $422k, spending 86% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $252k to $494k (+96%), an average of +25% a year. The sharpest change came in the year to December 2021, when income rose by 127%. Over the whole period it spent 86% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Galvestons Own Farmers Market Inc sits at the 67th percentile: it is larger than about 67% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 74th percentile within TX. Charities of a similar size with the same main cause include Oregon Head Start Assocation ($494k), Lemhi County Economic Development Corporation ($494k) and Sustainable Business Network of Massachusetts Inc ($493k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 81% and program service revenue 19% of the total. Compensation of current officers, directors and key employees was $60k (14% of expenses). Other salaries and wages came to $167k. At year end it held assets of $324k against liabilities of $6,880, net assets of $317k. It reported 12 employees.