Main Street Skowhegan

Analysis

Main Street Skowhegan is a registered charity in United States, based in Skowhegan, ME. It received its IRS tax-exemption ruling in May 2008, 18 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, Main Street Skowhegan reported income of $798k and spending of $881k, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $554k to $798k (+44%), an average of +9.5% a year. The sharpest change came in the year to December 2021, when income rose by 89%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Main Street Skowhegan sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 73rd percentile within ME. Charities of a similar size with the same main cause include South Memphis Alliance Incorporated ($797k), Obion County Joint Economic Development Corporation ($798k) and Santa Barbara Police Activities League ($797k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 85% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $77k (8.8% of expenses). Other salaries and wages came to $299k. At year end it held assets of $451k against liabilities of $81k, net assets of $370k. It reported 8 employees.