Is Staten Island Economic Development Corporation Legit?
Quick charity verification for Staten Island Economic Development Corporation (EIN: 133706442)
Verdict: Staten Island Economic Development Corporation appears trustworthy
90/100Mission Score
$2.3MRevenue
$2.3MAssets
1Red Flags
4Strengths
Red Flags
Unusually low (0%) reported officer compensation, which may obscure actual executive compensation if categorized differently.
Strengths
Consistent financial stability with revenues generally covering expenses.
Significant growth in assets over the past decade, from $993,377 in 2014 to $2,388,772 in 2023.
No reported officer compensation, indicating a potential high efficiency in leadership costs or volunteer leadership.
Positive net assets, with assets consistently exceeding liabilities.
Spending Breakdown
How Staten Island Economic Development Corporation allocates its funds across programs, administration, and fundraising.
85%
Program Spending
Healthy — majority goes to mission
10%
Admin Costs
Reasonable — admin costs in check
5%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Staten Island Economic Development Corporation
Is Staten Island Economic Development Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Staten Island Economic Development Corporation (EIN: 133706442) appears trustworthy. Mission Score: 90/100. 1 red flag identified, 4 strengths noted.
Is Staten Island Economic Development Corporation a good charity to donate to?
Staten Island Economic Development Corporation has a Mission Score of 90/100. Revenue: $2.3M. Assets: $2.3M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Staten Island Economic Development Corporation?
The Employer Identification Number (EIN) for Staten Island Economic Development Corporation is 133706442. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Staten Island Economic Development Corporation spend its money?
Staten Island Economic Development Corporation allocates 85% to programs, 10% to administration, and 5% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Staten Island Economic Development Corporation's tax-exempt status?
You can verify Staten Island Economic Development Corporation's tax-exempt status using EIN 133706442 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
The Staten Island Economic Development Corporation (SIEDC) demonstrates consistent financial activity, with revenues and expenses generally balancing out over the past decade. In the most recent filing (202312), the organization reported revenues of $2,385,997 against expenses of $2,327,993, indicating a slight surplus. Their asset base has shown growth, reaching $2,388,772 in 2023, up from $993,377 in 2014, suggesting prudent financial management and accumulation of resources. The organization consistently reports 0% officer compensation, which is a significant positive indicator for transparency and efficient use of funds, as it implies that leadership is either volunteer-based or compensated through other means not categorized as officer compensation, which would require further investigation to fully understand. Overall, SIEDC appears to be a financially stable organization with a strong commitment to its mission, as evidenced by its consistent operations and lack of reported executive compensation.