Schmitt Island Development Corporation

Analysis

Schmitt Island Development Corporation is a registered charity in United States, based in Dubuque, IA. It received its IRS tax-exemption ruling in May 2023, 3 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. 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, Schmitt Island Development Corporation reported income of $1.6m and spending of $1.3m, leaving 21% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $696k to $1.6m (+134%), an average of +134% a year. The sharpest change came in the year to December 2023, when income rose by 134%. Over the whole period it spent 70% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Schmitt Island Development Corporation sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 86th percentile within IA. Charities of a similar size with the same main cause include Foundations in Faith Inc ($1.6m), Quality Living Inc ($1.6m) and Phi Mu Foundation ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 44% and program service revenue 30% of the total. At year end it held assets of $949k against liabilities of $255k, net assets of $694k.