The Boat Company Ltd

Analysis

The Boat Company Ltd is a registered charity in United States, based in Ponte Vedra, FL. It received its IRS tax-exemption ruling in February 1980, 46 years ago. 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 September 2023, The Boat Company Ltd reported income of $6.5m and spending of $6.8m, spending 106% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $6.2m to $6.5m (+3.9%), an average of +1.0% a year. The sharpest change came in the year to September 2021, when income rose by 221%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, The Boat Company Ltd sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within FL. Charities of a similar size with the same main cause include Umh JGJ Corp ($6.5m), Council on Aging Services for Seniors ($6.5m) and Habitat for Humanity International Inc ($6.5m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 9.7% and program service revenue 91% of the total. Compensation of current officers, directors and key employees was $282k (4.1% of expenses). Other salaries and wages came to $2.6m. At year end it held assets of $3.0m against liabilities of $5.0m, net assets of -$2.0m. It reported 51 employees.