Is Coastal Economic Development Corporation Legit?
Quick charity verification for Coastal Economic Development Corporation (EIN: 20511564)
Verdict: Coastal Economic Development Corporation shows mixed signals
45/100Mission Score
$275KRevenue
$0Assets
4Red Flags
2Strengths
Red Flags
Sudden and unexplained disappearance of all assets ($4.5M to $0) between 202106 and 202112.
Consistent decline in revenue and assets over the past decade, indicating potential operational scaling back or financial distress.
Reporting 0% officer compensation across all filings, which is highly unusual and may warrant further scrutiny.
Latest reported assets are $0, raising concerns about financial stability and capacity.
Strengths
Consistently reports 0% officer compensation, indicating resources are not being used for executive salaries.
Maintained a positive net income in the most recent filing period (202112: Revenue $189,241, Expenses $150,713).
AI Transparency Report
Coastal Economic Development Corporation (CEDC) exhibits a concerning trend of declining revenue and assets over the past decade, with a particularly sharp drop in assets from $7.6 million in 2013 to $0 in the latest filing period (202112). While the organization consistently reports 0% officer compensation, which is a positive for resource allocation, the significant reduction in financial scale raises questions about its operational capacity and long-term sustainability. The most recent filing (202112) shows revenue of $189,241 and expenses of $150,713, indicating a surplus for that period, but this is a stark contrast to earlier periods where revenue was often over $500,000. The sudden disappearance of assets from $4.5 million in 202106 to $0 in 202112, without corresponding liabilities, warrants further investigation to understand the underlying financial restructuring or dissolution.