Newmarket Business Improvement District

Analysis

Newmarket Business Improvement District is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in May 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 (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, Newmarket Business Improvement District reported income of $3.6m and spending of $3.0m, spending 85% of its income. Across the 2 years on record, from June 2022 to June 2023, income grew from $1.0m to $3.6m (+255%), an average of +255% a year. The sharpest change came in the year to June 2023, when income rose by 255%. Over the whole period it spent 80% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Newmarket Business Improvement District sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 89th percentile within MA. Charities of a similar size with the same main cause include Upper Cumberland Local Workforce Development Board Inc ($3.6m), Stadium Corporation ($3.6m) and P33 ($3.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 16% and program service revenue 84% of the total. Compensation of current officers, directors and key employees was $158k (5.2% of expenses). Other salaries and wages came to $221k. At year end it held assets of $1.2m against liabilities of $320k, net assets of $891k. It reported 5 employees.