Spectrum Growth Inc

Analysis

Spectrum Growth Inc is a registered charity in United States, based in Lorain, OH. It received its IRS tax-exemption ruling in July 2021, 5 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Spectrum Growth Inc reported income of $5.5m and spending of $5.2m, spending 95% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $4.4m to $5.5m (+24%), an average of +24% a year. The sharpest change came in the year to December 2023, when income rose by 24%. Over the whole period it spent 97% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Spectrum Growth Inc 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 93rd percentile, and in the 93rd percentile within OH. Charities of a similar size with the same main cause include Nexus-Kindred Family Healing ($5.5m), United Womens East African Support Team ($5.5m) and Exchange Club-Carl Perkins Center for the Prevention of Child Abuse ($5.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% and program service revenue 1.4% of the total. At year end it held assets of $354k against liabilities of $57k, net assets of $297k.