Third Place Inc

Analysis

Third Place Inc is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in April 2021, 5 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Third Place Inc reported income of $191k and spending of $143k, leaving 25% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $65k to $191k (+196%), an average of +196% a year. The sharpest change came in the year to December 2023, when income rose by 196%. Over the whole period it spent 88% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Third Place Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 46th percentile within ME. Charities of a similar size with the same main cause include Guadalupe Community Development Corporation ($191k), Leap Foundation Inc ($191k) and Antwerp Community Development Committee Inc ($191k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 2.8% of the total. At year end it held assets of $102k against liabilities of $1,068, net assets of $101k.