New Bedford Ocean Cluster Inc

Analysis

New Bedford Ocean Cluster Inc is a registered charity in United States, based in New Bedford, MA. It received its IRS tax-exemption ruling in October 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 June 2023, New Bedford Ocean Cluster Inc reported income of $793k and spending of $461k, leaving 42% of income unspent that year. Across the 2 years on record, from June 2022 to June 2023, income grew from $507k to $793k (+56%), an average of +56% a year. The sharpest change came in the year to June 2023, when income rose by 56%. Over the whole period it spent 69% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, New Bedford Ocean Cluster Inc 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 76th percentile within MA. Charities of a similar size with the same main cause include Building Memphis ($792k), Keep Middlesex Moving Inc ($793k) and Building Blocks of Kalamazoo ($792k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 9.2% and program service revenue 91% of the total. Compensation of current officers, directors and key employees was $139k (30% of expenses). Other salaries and wages came to $7,348. At year end it held assets of $446k against liabilities of $45k, net assets of $401k. It reported 1 employees.