Friends of Seattle Waterfront

Analysis

Friends of Seattle Waterfront is a registered charity in United States, based in Seattle, WA. It received its IRS tax-exemption ruling in April 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 (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, Friends of Seattle Waterfront reported income of $40.7m and spending of $33.8m, spending 83% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $10.1m to $40.7m (+302%), an average of +42% a year. The sharpest change came in the year to December 2020, when income rose by 176%. Over the whole period it spent 76% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Friends of Seattle Waterfront sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within WA. Charities of a similar size with the same main cause include Brevard Achievement Center Inc ($40.6m), Madison Street Properties Inc ($40.8m) and Liftfund Inc ($40.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $620k (1.8% of expenses). Other salaries and wages came to $2.7m. It paid $118k in professional fundraising fees. At year end it held assets of $34.3m against liabilities of $1.5m, net assets of $32.8m. It reported 59 employees.