Salem Main Streets
Legal name: Salem Main Street Initiative Downtown Program
Nonprofit profile at a glance
- EIN
- 043568130
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Aug 2026
- Forms available
- Form 990 2024
- Location
- Salem, MA, US
- Phone
- 9787440004
- Rating
- 66
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Historical Societies, Related Historical Activities
Reported finances
- Revenue
- $238,895
- Expenses
- $234,447
- Assets
- $50,232
- Liabilities
- $3,508
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
9 people listed
Executive titles in this filing
- ERIC SMALL (PRESIDENT)
- JENNI STUART (VICE PRESIDENT)
People named in this filing
- MATTHEW CARUSO (DIRECTOR)
- LAUREN MAKOFSKY (DIRECTOR)
- CAROL MCLAUGHLIN (DIRECTOR)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
For the continued revitalization of downtown Salem, MA as a vibrant, year-round retail, dining and cultural destination through community events, local business promotion, and business support.
What it reported doing in 2024
The continued revitalization of downtown salem as a vibrant, year-round, retail, dining and cultural destination through business retention, recruitment, and the promotion of downtown district which is done throughout the year by various themed events.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 40
- Transparency & Controls: 92
- Accountability: 76
- Sustainability: 36
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 44.6%; rating input score 45
- Program expense ratio: 45.4%; rating input score 45
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 3 of 7 controls in place; rating input score 43
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 1.9%; rating input score 44; 44th percentile among comparable filings
- Total-asset coverage ratio: 0.21; rating input score 12; 12th percentile among comparable filings
- Liabilities to assets ratio: 0.07; rating input score 29; 29th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings
Growth
- Program expense growth: 12.6% per year; rating input score 100; 75th percentile among comparable filings
- Revenue growth: 9.4% per year; rating input score 100; 70th percentile among comparable filings
- Asset growth: 10.8% per year; rating input score 100; 68th percentile among comparable filings
Details
- What they do: 15 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 44.6% of revenue deployed · 45.4% of spending went to programs
- Governance: 9 of 9 board members independent · 3 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $107K in reported program spending
- Leadership: top reported pay $0 · 9 people listed
- Consistency: 25 of 25 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 11 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Mission deployment rate scored 45/100.
- Moderate — Financial Efficiency: Program expense ratio scored 45/100.
- Moderate — Accountability: Governance controls: 3 of 6 not reported.
- Moderate — Sustainability: Operating margin scored 44/100.
- High — Sustainability: Total-asset coverage ratio scored 12/100.
- High — Sustainability: Liabilities to assets ratio scored 29/100.