Shoals Entrepreneurial Center Inc

Analysis

Shoals Entrepreneurial Center Inc is a registered charity in United States, based in Florence, AL. It received its IRS tax-exemption ruling in March 1992, 34 years ago. Its declared purposes cover unknown, which this site groups under other charitable purposes. 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 2022, Shoals Entrepreneurial Center Inc reported income of $376k and spending of $431k, spending 115% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $620k to $376k (-39%), an average of -15% a year. The sharpest change came in the year to December 2021, when income dropped by 25%. Over the whole period it spent 107% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Shoals Entrepreneurial Center Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 68th percentile within AL. Charities of a similar size with the same main cause include American Friends of the London Philharmonic Orchestra ($376k), Congregation Roeh Israel ($376k) and R2ise Inc ($376k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 28% and program service revenue 86% of the total. Compensation of current officers, directors and key employees was $120k (28% of expenses). Other salaries and wages came to $43k. At year end it held assets of $1.1m against liabilities of $47k, net assets of $1.1m. It reported 2 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.