Granite State Economic Development Corp
Granite State Economic Development Corp shows consistent revenue growth and asset accumulation with no reported officer compensation.
EIN: 20385121 · Portsmouth, NH · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $15.5M |
| Total Expenses | $8.0M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $10 |
| Net Assets | $18.4M |
| Transparency Score | 85/100 |
Is Granite State Economic Development Corp Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Granite State Economic Development Corp directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Granite State Economic Development Corp
Granite State Economic Development Corp (EIN: 20385121) is a nonprofit organization based in Portsmouth, NH. The organization reported total revenue of $15.5M and total assets of $27.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Granite State Economic Development Corp's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Granite State Economic Development Corp is a large nonprofit that has been operating for 37 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 5.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $9.8M |
| Total Expenses | $8.0M |
| Surplus / Deficit | +$1.8M |
| Total Assets | $22.4M |
| Total Liabilities | $4.1M |
| Net Assets | $18.4M |
| Operating Margin | 18.1% |
| Debt-to-Asset Ratio | 18.2% |
| Months of Reserves | 33.5 months |
Financial Health Grade: A
In 2023, Granite State Economic Development Corp reported a surplus of $1.8M with revenue exceeding expenses, holds 33.5 months of operating reserves (strong position), has a debt-to-asset ratio of 18.2% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Granite State Economic Development Corp's revenue has grown at a compound annual growth rate (CAGR) of 5.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +5.4% | -3.0% | +7.8% |
| 2022 | +9.8% | +3.0% | -0.2% |
| 2021 | +3.8% | +1.7% | +2.3% |
| 2020 | +3.9% | +5.1% | +6.3% |
| 2019 | +6.7% | +11.2% | +6.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1989 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Granite State Economic Development Corp with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Granite State Economic Development Corp allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $1.8M, with revenue exceeding expenses.
- Debt-to-asset ratio: 18.2%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, which is highly unusual for an organization of its size with revenues approaching $10 million. This suggests either a fully volunteer executive leadership or that executive compensation is categorized differently within their financial statements, requiring further detailed review of their Form 990s.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Granite State Economic Development Corp's IRS 990 filings:
- Unusually low (0%) reported officer compensation, potentially obscuring executive pay details.
Strengths
The following positive indicators were identified for Granite State Economic Development Corp:
- Consistent revenue growth, increasing from $5.6M in 2014 to $9.8M in 2023.
- Healthy asset accumulation, growing from $15.3M to $22.4M over the last decade.
- Expenses consistently lower than revenue, indicating sound financial management.
- Low liabilities relative to assets, suggesting financial stability.
Frequently Asked Questions about Granite State Economic Development Corp
Is Granite State Economic Development Corp a legitimate charity?
Based on AI analysis of IRS 990 filings, Granite State Economic Development Corp (EIN: 20385121) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Granite State Economic Development Corp spend its money?
Granite State Economic Development Corp directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Granite State Economic Development Corp tax-deductible?
Granite State Economic Development Corp is registered as a tax-exempt nonprofit (EIN: 20385121). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Granite State Economic Development Corp CEO make?
Granite State Economic Development Corp's highest-compensated officer earns $10 annually. The organization reported $15.5M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Granite State Economic Development Corp's spending goes to programs?
Granite State Economic Development Corp directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Granite State Economic Development Corp located?
Granite State Economic Development Corp is headquartered in Portsmouth, New Hampshire and files with the IRS under EIN 20385121.
How many years of IRS 990 filings does Granite State Economic Development Corp have?
Granite State Economic Development Corp has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $15.5M in total revenue.
Is Granite State Economic Development Corp a good charity?
Based on the provided financial data, Granite State Economic Development Corp appears to be a financially sound organization with consistent growth in revenue and assets. The absence of reported officer compensation is a unique characteristic that could indicate strong dedication to mission or a need for further transparency regarding executive remuneration.
How has the organization's financial health changed over the past decade?
The organization has demonstrated robust financial growth, with revenue increasing from $5,654,277 in 2014 to $9,828,396 in 2023, and assets growing from $15,303,040 to $22,447,674 over the same period. This indicates a strong and improving financial position.
What is the significance of 0% officer compensation?
A 0% officer compensation across all filings is highly unusual for an organization of this scale. It could mean that executive leadership is entirely volunteer, or that compensation for key management is reported under other expense categories, which would require a deeper dive into the full IRS 990 forms for clarification.
Filing History
IRS 990 filing history for Granite State Economic Development Corp showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Granite State Economic Development Corp's revenue has grown by 92.2%, moving from $5.1M to $9.8M. Total assets increased by 77.4% over the same period, from $12.7M to $22.4M. Total functional expenses rose by 85.6%, from $4.3M to $8.0M. In its most recent filing year (2023), Granite State Economic Development Corp reported a surplus of $1.8M, with revenue exceeding expenses. The organization holds $4.1M in liabilities against $22.4M in assets (debt-to-asset ratio: 18.2%), resulting in net assets of $18.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $9.8M | $8.0M | $22.4M | $4.1M | — | View 990 |
| 2022 | $9.3M | $8.3M | $20.8M | $4.6M | — | View 990 |
| 2021 | $8.5M | $8.1M | $20.9M | $4.8M | — | View 990 |
| 2020 | $8.2M | $7.9M | $20.4M | $4.4M | — | — |
| 2019 | $7.9M | $7.5M | $19.2M | $3.7M | — | View 990 |
| 2018 | $7.4M | $6.8M | $18.0M | $3.3M | — | View 990 |
| 2017 | $7.3M | $6.9M | $17.4M | $3.2M | — | View 990 |
| 2016 | $6.5M | $6.0M | $16.7M | $2.9M | — | View 990 |
| 2015 | $6.1M | $5.4M | $16.1M | $2.7M | — | View 990 |
| 2014 | $5.7M | $5.0M | $15.3M | $2.6M | — | View 990 |
| 2013 | $5.9M | $5.1M | $14.6M | $2.5M | — | View 990 |
| 2012 | $5.5M | $4.3M | $13.8M | $2.4M | — | View 990 |
| 2011 | $5.1M | $4.3M | $12.7M | $2.4M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $9.8M, expenses of $8.0M, and assets of $22.4M (revenue +5.4% year-over-year).
- 2022: Revenue of $9.3M, expenses of $8.3M, and assets of $20.8M (revenue +9.8% year-over-year).
- 2021: Revenue of $8.5M, expenses of $8.1M, and assets of $20.9M (revenue +3.8% year-over-year).
- 2020: Revenue of $8.2M, expenses of $7.9M, and assets of $20.4M (revenue +3.9% year-over-year).
- 2019: Revenue of $7.9M, expenses of $7.5M, and assets of $19.2M (revenue +6.7% year-over-year).
- 2018: Revenue of $7.4M, expenses of $6.8M, and assets of $18.0M (revenue +1.1% year-over-year).
- 2017: Revenue of $7.3M, expenses of $6.9M, and assets of $17.4M (revenue +12.2% year-over-year).
- 2016: Revenue of $6.5M, expenses of $6.0M, and assets of $16.7M (revenue +7.5% year-over-year).
- 2015: Revenue of $6.1M, expenses of $5.4M, and assets of $16.1M (revenue +7.1% year-over-year).
- 2014: Revenue of $5.7M, expenses of $5.0M, and assets of $15.3M (revenue -3.4% year-over-year).
- 2013: Revenue of $5.9M, expenses of $5.1M, and assets of $14.6M (revenue +7.1% year-over-year).
- 2012: Revenue of $5.5M, expenses of $4.3M, and assets of $13.8M (revenue +6.9% year-over-year).
- 2011: Revenue of $5.1M, expenses of $4.3M, and assets of $12.7M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Granite State Economic Development Corp:
Data Sources and Methodology
This transparency report for Granite State Economic Development Corp is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.