Ignite Presque Isle

Analysis

Ignite Presque Isle is a registered charity in United States, based in Presque Isle, ME. It received its IRS tax-exemption ruling in June 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 (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, Ignite Presque Isle reported income of $5.2m and spending of $3.7m, leaving 30% of income unspent that year. Across the 3 years on record, from December 2021 to December 2023, income fell from $5.3m to $5.2m (-0.7%), an average of -0.4% a year. The sharpest change came in the year to December 2023, when income rose by 22%. Over the whole period it spent 48% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Ignite Presque Isle sits at the 93rd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within ME. Charities of a similar size with the same main cause include African American Chamber of Commerce of New Jersey Inc ($5.2m), Carenet Inc ($5.2m) and Fund for Our Economic Future of Northeast Ohio ($5.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 46% and program service revenue 54% of the total. Other salaries and wages came to $1.6m. At year end it held assets of $8.9m against liabilities of $1.1m, net assets of $7.7m. It reported 117 employees.