Sunshine State Economic Development Corp

Analysis

Sunshine State Economic Development Corp is a registered charity in United States, based in Clearwater, FL. It received its IRS tax-exemption ruling in November 1987, 39 years ago. 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 September 2023, Sunshine State Economic Development Corp reported income of $1.5m and spending of $1.8m, spending 120% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $1.7m to $1.5m (-10.0%), an average of -2.6% a year. The sharpest change came in the year to September 2021, when income rose by 842%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Sunshine State Economic Development Corp sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 85th percentile within FL. Charities of a similar size with the same main cause include Western Native Voice ($1.5m), Newark Electrical Joint Apprenticeship and Training Trust ($1.5m) and Data for Progress Education Fund ($1.5m).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 95% of the total. Compensation of current officers, directors and key employees was $221k (12% of expenses). Other salaries and wages came to $913k. At year end it held assets of $6.3m against liabilities of $854k, net assets of $5.4m. It reported 13 employees.