Mangrove Community Wealth Inc

Analysis

Mangrove Community Wealth Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in September 2023, 3 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, Mangrove Community Wealth Inc reported income of $704k and spending of $449k, leaving 36% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $231k to $704k (+205%), an average of +205% a year. The sharpest change came in the year to December 2023, when income rose by 205%. Over the whole period it spent 91% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Mangrove Community Wealth Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 71st percentile within NY. Charities of a similar size with the same main cause include Cyber Proud Inc ($704k), Louisiana Green Corps ($704k) and Central Fulton Street District Management Association Inc ($704k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 85% and program service revenue 14% of the total. At year end it held assets of $224k against liabilities of $114k, net assets of $110k.