Shoals Dream Center Inc

Analysis

Shoals Dream Center Inc is a registered charity in United States, based in Florence, AL. It received its IRS tax-exemption ruling in July 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, Shoals Dream Center Inc reported income of $1.2m and spending of $904k, leaving 26% of income unspent that year. Across the 3 years on record, from December 2021 to December 2023, income grew from $464k to $1.2m (+163%), an average of +62% a year. The sharpest change came in the year to December 2022, when income rose by 92%. Over the whole period it spent 90% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Shoals Dream Center Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 85th percentile within AL. Charities of a similar size with the same main cause include Ucpid Inc ($1.2m), Office of Job Training Program Jefferson Franklin Counties Inc ($1.2m) and Creative Reaction Lab ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $485k. At year end it held assets of $346k against liabilities of $9,230, net assets of $337k. It reported 47 employees.