Open Avenues Foundation

Analysis

Open Avenues Foundation is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in November 2017, 9 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, Open Avenues Foundation reported income of $4.2m and spending of $4.3m, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $122k to $4.2m (+3368%), an average of +143% a year. The sharpest change came in the year to December 2021, when income rose by 392%. Over the whole period it spent 97% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Open Avenues Foundation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within MA. Charities of a similar size with the same main cause include Magnet Lending Corporation ($4.2m), Marimor Industries Inc ($4.2m) and Fay-Penn Economic Development Corporation ($4.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.1% and program service revenue 100% of the total. Compensation of current officers, directors and key employees was $218k (5.1% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $745k against liabilities of $368k, net assets of $377k. It reported 139 employees.