698 South Main Street Inc

Analysis

698 South Main Street Inc is a registered charity in United States, based in Waterbury, CT. It received its IRS tax-exemption ruling in March 2018, 8 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 June 2023, 698 South Main Street Inc reported income of $2.6m and spending of $165k, leaving 94% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.3m to $2.6m (+102%), an average of +19% a year. The sharpest change came in the year to June 2023, when income rose by 2544%. Over the whole period it spent 7.5% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, 698 South Main Street Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 86th percentile within CT. Charities of a similar size with the same main cause include 3strands Global Foundation ($2.6m), The Center for Community Solutions ($2.6m) and Warren-Hamilton Counties Action Committee for Economic Opportunity ($2.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $8.5m against liabilities of $4.5m, net assets of $4.0m.