Boston Local Development Corp

Analysis

Boston Local Development Corp is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in February 1980, 46 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Boston Local Development Corp reported income of $2.0m and spending of $616k, leaving 69% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.2m to $2.0m (+69%), an average of +14% a year. The sharpest change came in the year to June 2022, when income rose by 54%. Over the whole period it spent 74% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Boston Local Development Corp sits at the 85th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 85th percentile within MA. Charities of a similar size with the same main cause include Namco ($2.0m), Orange County Rehabilitative and Developmental Services Inc ($2.0m) and Southeast Kansas Coordinated Transit Council Inc ($2.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 4.6% of the total. Compensation of current officers, directors and key employees was $131k (21% of expenses). Other salaries and wages came to $36k. At year end it held assets of $7.7m against liabilities of $184k, net assets of $7.5m.