Spruce Island Development Corporation Inc
Spruce Island Development Corporation Inc. shows highly volatile revenue and expenses with no reported officer compensation.
EIN: 201622649 · Kodiak, AK · NTEE: S12 · Updated: 2026-03-28
Is Spruce Island Development Corporation Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Spruce Island Development Corporation Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Spruce Island Development Corporation Inc
Spruce Island Development Corporation Inc (EIN: 201622649) is a nonprofit organization based in Kodiak, AK, classified under NTEE code S12. The organization reported total revenue of $1.7M and total assets of $226K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Spruce Island Development Corporation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Spruce Island Development Corporation Inc is a mid-size nonprofit that has been operating for 3 years, with 12 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 6.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $526K |
| Total Expenses | $517K |
| Surplus / Deficit | +$9K |
| Total Assets | $49K |
| Net Assets | $49K |
| Operating Margin | 1.7% |
| Months of Reserves | 1.1 months |
Financial Health Grade: A
In 2023, Spruce Island Development Corporation Inc reported a surplus of $9K with revenue exceeding expenses, holds 1.1 months of operating reserves (limited).
Financial Trends
Over 12 years of filings (2011–2023), Spruce Island Development Corporation Inc's revenue has grown at a compound annual growth rate (CAGR) of 6.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +526250.0% | +31759.4% | +21.5% |
| 2021 | -100.0% | -82.3% | -4.3% |
| 2019 | -100.0% | -95.8% | -29.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1280 |
| IRS Ruling Date | 2023 |
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 Spruce Island Development Corporation Inc with a Mission Score of 65 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Spruce Island Development Corporation Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $9K, with revenue exceeding expenses.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that officers either serve on a volunteer basis or receive compensation below IRS reporting thresholds. This suggests a very lean executive overhead, which is positive for resource allocation.
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 Spruce Island Development Corporation Inc's IRS 990 filings:
- Highly inconsistent revenue and expense patterns, making financial planning and stability uncertain.
- Low asset base relative to peak revenue periods, suggesting limited financial reserves.
- Lack of detailed expense breakdown in summary data hinders full assessment of spending efficiency.
Strengths
The following positive indicators were identified for Spruce Island Development Corporation Inc:
- Consistent reporting of 0% officer compensation, indicating low executive overhead.
- Consistently low or zero liabilities across most recent filings, suggesting good debt management.
- Regular IRS 990 filings demonstrate commitment to transparency.
Frequently Asked Questions about Spruce Island Development Corporation Inc
Is Spruce Island Development Corporation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Spruce Island Development Corporation Inc (EIN: 201622649) some concerns. Mission Score: 65/100. 3 red flags identified, 3 strengths noted.
How does Spruce Island Development Corporation Inc spend its money?
Spruce Island Development Corporation Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Spruce Island Development Corporation Inc tax-deductible?
Spruce Island Development Corporation Inc is registered as a tax-exempt nonprofit (EIN: 201622649). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What are the specific programs Spruce Island Development Corporation Inc. operates?
The provided financial data does not detail specific programs. The NTEE code S12 suggests a focus on Community Development Corporations, but further information from their 990 forms or website would be needed to understand their activities.
Why is the organization's revenue so inconsistent year-to-year?
The significant fluctuations in revenue (e.g., $526,350 in 202309 vs. $100 in 202209) could be due to project-based funding, grants with varying cycles, or inconsistent fundraising efforts. Without more context, the exact reasons are unclear.
How does the organization manage its operations with 0% officer compensation?
The consistent 0% officer compensation suggests that executive leadership may be entirely volunteer-based or compensated through other means not reported as officer compensation, which could indicate strong dedication or a very small operational scale.
Filing History
IRS 990 filing history for Spruce Island Development Corporation Inc showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2011–2023), Spruce Island Development Corporation Inc's revenue has grown by 109.8%, moving from $251K to $526K. Total assets increased by 404.4% over the same period, from $10K to $49K. Total functional expenses rose by 83.8%, from $281K to $517K. In its most recent filing year (2023), Spruce Island Development Corporation Inc reported a surplus of $9K, with revenue exceeding expenses.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $526K | $517K | $49K | $0 | — | View 990 |
| 2022 | $100 | $2K | $40K | $0 | — | View 990 |
| 2021 | $0 | $2K | $41K | $0 | — | View 990 |
| 2020 | $7K | $10K | $43K | $0 | — | — |
| 2019 | $0 | $20K | $46K | $0 | — | — |
| 2018 | $502K | $461K | $66K | $0 | — | View 990 |
| 2017 | $1K | $1K | $25K | $0 | — | — |
| 2017 | $59K | $62K | $23K | $0 | — | View 990 |
| 2014 | $13K | $12K | $24K | $0 | — | — |
| 2013 | $2K | $1K | $23K | $173 | — | View 990 |
| 2012 | $38K | $14K | $22K | $-173 | — | — |
| 2011 | $251K | $281K | $10K | $11K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $526K, expenses of $517K, and assets of $49K (revenue +526250.0% year-over-year).
- 2022: Revenue of $100, expenses of $2K, and assets of $40K.
- 2021: Revenue of $0, expenses of $2K, and assets of $41K (revenue -100.0% year-over-year).
- 2020: Revenue of $7K, expenses of $10K, and assets of $43K.
- 2019: Revenue of $0, expenses of $20K, and assets of $46K (revenue -100.0% year-over-year).
- 2018: Revenue of $502K, expenses of $461K, and assets of $66K (revenue +38733.7% year-over-year).
- 2017: Revenue of $1K, expenses of $1K, and assets of $25K (revenue -97.8% year-over-year).
- 2017: Revenue of $59K, expenses of $62K, and assets of $23K (revenue +358.5% year-over-year).
- 2014: Revenue of $13K, expenses of $12K, and assets of $24K (revenue +563.2% year-over-year).
- 2013: Revenue of $2K, expenses of $1K, and assets of $23K (revenue -94.8% year-over-year).
- 2012: Revenue of $38K, expenses of $14K, and assets of $22K (revenue -85.0% year-over-year).
- 2011: Revenue of $251K, expenses of $281K, and assets of $10K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Spruce Island Development Corporation Inc:
Data Sources and Methodology
This transparency report for Spruce Island Development Corporation Inc 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.