Sitka Economic Development Association Inc

Analysis

Sitka Economic Development Association Inc is a registered charity in United States, based in Sitka, AK. It received its IRS tax-exemption ruling in August 1998, 28 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, Sitka Economic Development Association Inc reported income of $188k and spending of $209k, spending 111% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $201k to $188k (-6.4%), an average of -2.2% a year. Over the whole period it spent 103% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Sitka Economic Development Association Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 52nd percentile, and in the 48th percentile within AK. Charities of a similar size with the same main cause include Prospect Heights Neighborhood Development Council ($188k), Queen Elite International Women Organization ($188k) and Rising Hope for Change Inc ($188k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 48% and program service revenue 52% of the total. Other salaries and wages came to $134k. At year end it held assets of $93k against liabilities of $130, net assets of $93k. It reported 3 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.