Worthing Economic Development Corporation
Worthing Economic Development Corporation shows minimal financial activity and declining assets over recent years.
EIN: 201503707 · Worthing, SD · NTEE: S30 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Program Spending | 100% |
| Net Assets | $20K |
| Transparency Score | 65/100 |
Is Worthing Economic Development Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Worthing Economic Development Corporation directs 100% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Worthing Economic Development Corporation
Worthing Economic Development Corporation (EIN: 201503707) is a nonprofit organization based in Worthing, SD, classified under NTEE code S30. The organization reported total revenue of $0 and total assets of $0 according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Worthing Economic Development Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Worthing Economic Development Corporation is a micro nonprofit that has been operating for 16 years, with 7 years of IRS 990 filings on record (2015–2022). Revenue has grown at a compound annual rate of -21.7%.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
| Total Revenue | $3K |
| Total Expenses | $0 |
| Surplus / Deficit | +$3K |
| Total Assets | $20K |
| Net Assets | $20K |
| Operating Margin | 100.0% |
Financial Health Grade: A
In 2022, Worthing Economic Development Corporation reported a surplus of $3K with revenue exceeding expenses.
Financial Trends
Over 7 years of filings (2015–2022), Worthing Economic Development Corporation's revenue has declined at a compound annual growth rate (CAGR) of -21.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2021 | -100.0% | — | -86.3% |
| 2020 | +4.2% | -100.0% | +0.9% |
| 2019 | -85.1% | -98.8% | -2.8% |
| 2018 | -2.4% | -73.2% | +11.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2010 |
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 Worthing Economic Development Corporation 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: 0%
- programs: 100%
- fundraising: 0%
According to IRS 990 filings, Worthing Economic Development Corporation allocates its expenses as follows: admin: 0%, programs: 100%, fundraising: 0%. With 100% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
Executive Compensation Analysis
Executive compensation has consistently been reported as 0% across all filings, indicating that officers are likely volunteers or compensated through other means not reported as direct compensation, which is positive for minimizing overhead.
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 Worthing Economic Development Corporation's IRS 990 filings:
- Highly inconsistent revenue and expense reporting, with multiple years showing $0 expenses.
- Significant decline in total assets over the filing history, from $141,562 in 2015 to $19,569 in 2022.
- Lack of detailed expense breakdowns in most filings makes it difficult to assess program efficiency.
Strengths
The following positive indicators were identified for Worthing Economic Development Corporation:
- Consistent reporting of 0% officer compensation, indicating a volunteer-driven or very lean leadership structure.
- No reported liabilities across all filing periods, suggesting financial prudence in avoiding debt.
Frequently Asked Questions about Worthing Economic Development Corporation
Is Worthing Economic Development Corporation a legitimate charity?
Worthing Economic Development Corporation (EIN: 201503707) is a registered tax-exempt nonprofit based in South Dakota. Our AI analysis gives it a Mission Score of 65/100. It has 7 years of IRS 990 filings on record. 3 red flags identified. 2 strengths noted. Financial health grade: A.
How does Worthing Economic Development Corporation spend its money?
Worthing Economic Development Corporation directs 100% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Worthing Economic Development Corporation tax-deductible?
Worthing Economic Development Corporation is registered as a tax-exempt nonprofit (EIN: 201503707). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Worthing Economic Development Corporation compare to similar nonprofits?
With a transparency score of 65/100 (Good), Worthing Economic Development Corporation is above average for NTEE category S30 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Worthing Economic Development Corporation located?
Worthing Economic Development Corporation is headquartered in Worthing, South Dakota and files with the IRS under EIN 201503707. It is classified under NTEE code S30.
How many years of IRS 990 filings does Worthing Economic Development Corporation have?
Worthing Economic Development Corporation has 7 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends.
What are the specific programs or activities Worthing Economic Development Corporation undertakes given its minimal reported expenses?
The filings show very low to zero expenses in most years (e.g., $0 in 2021 and 2022), making it unclear what specific economic development programs are being funded or executed. Further detail would be needed to understand their operational impact.
How does Worthing Economic Development Corporation sustain its operations with such low revenue and expenses?
With revenues often being very low (e.g., $0 in 2021) and expenses sometimes non-existent, the organization's sustainability model is unclear. It might rely heavily on volunteer efforts or in-kind contributions not fully captured in financial statements.
Why have the organization's assets significantly decreased from $141,562 in 2015 to $19,569 in 2022?
The filings do not provide a detailed explanation for the substantial decline in assets. This could be due to asset utilization, depreciation, or other financial activities not explicitly detailed in the summary data.
Filing History
IRS 990 filing history for Worthing Economic Development Corporation showing financial trends over 7 years of public records:
Over 7 years of IRS 990 filings (2015–2022), Worthing Economic Development Corporation's revenue has declined by 82%, moving from $17K to $3K. Total assets decreased by 86.2% over the same period, from $142K to $20K. Total functional expenses fell by 100%, from $18K to $0.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2022 | $3K | $0 | $20K | $0 | — | View 990 |
| 2021 | $0 | $0 | $14K | $0 | — | — |
| 2020 | $3K | $0 | $100K | $0 | — | View 990 |
| 2019 | $3K | $117 | $99K | $0 | — | View 990 |
| 2018 | $20K | $10K | $102K | $0 | — | View 990 |
| 2017 | $21K | $36K | $91K | $0 | — | View 990 |
| 2015 | $17K | $18K | $142K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2022: Revenue of $3K, expenses of $0, and assets of $20K.
- 2021: Revenue of $0, expenses of $0, and assets of $14K (revenue -100.0% year-over-year).
- 2020: Revenue of $3K, expenses of $0, and assets of $100K (revenue +4.2% year-over-year).
- 2019: Revenue of $3K, expenses of $117, and assets of $99K (revenue -85.1% year-over-year).
- 2018: Revenue of $20K, expenses of $10K, and assets of $102K (revenue -2.4% year-over-year).
- 2017: Revenue of $21K, expenses of $36K, and assets of $91K (revenue +18.6% year-over-year).
- 2015: Revenue of $17K, expenses of $18K, and assets of $142K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Worthing Economic Development Corporation:
Data Sources and Methodology
This transparency report for Worthing Economic Development Corporation 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.