Madison Park Economic Development Corporation

Analysis

Madison Park Economic Development Corporation is a registered charity in United States, based in Roxbury, MA. It received its IRS tax-exemption ruling in April 1992, 34 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 December 2023, Madison Park Economic Development Corporation reported income of $1.3m and spending of $1.6m, spending 123% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $778k to $1.3m (+63%), an average of +13% a year. The sharpest change came in the year to December 2021, when income rose by 79%. Over the whole period it spent 115% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Madison Park Economic Development Corporation sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 81st percentile within MA. Charities of a similar size with the same main cause include Glen Aire Mobilehome Park Corporation ($1.3m), International Ticketing Association Inc ($1.3m) and Eastern American Certified Development Company Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 11% and program service revenue 89% of the total. At year end it held assets of $3.9m against liabilities of $4.2m, net assets of -$309k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.