Harbor Entrepreneur Center

Analysis

Harbor Entrepreneur Center is a registered charity in United States, based in Mt Pleasant, SC. It received its IRS tax-exemption ruling in November 2016, 10 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, Harbor Entrepreneur Center reported income of $862k and spending of $715k, spending 83% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $432k to $862k (+100%), an average of +19% a year. The sharpest change came in the year to December 2023, when income rose by 126%. Over the whole period it spent 90% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Harbor Entrepreneur Center sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 81st percentile within SC. Charities of a similar size with the same main cause include Harbor Bank of Maryland Community Development Corporation ($862k), Lawrenceville Development Corporation ($863k) and Computer Technologies Program ($862k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 42% and program service revenue 58% of the total. Compensation of current officers, directors and key employees was $90k (13% of expenses). Other salaries and wages came to $88k. At year end it held assets of $359k against liabilities of $167k, net assets of $192k. It reported 2 employees.