Union Street Corridor Community Development Corporation

Analysis

Union Street Corridor Community Development Corporation is a registered charity in United States, based in Lynn, MA. It received its IRS tax-exemption ruling in April 2020, 6 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Union Street Corridor Community Development Corporation reported income of $84k and spending of $85k, spending 101% of its income. Across the 6 years on record, from June 2018 to June 2023, income grew from $46k to $84k (+83%), an average of +13% a year. The sharpest change came in the year to June 2022, when income rose by 83%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Union Street Corridor Community Development Corporation sits at the 31st percentile: it is larger than about 31% of them. Against every charity in United States with reported income it ranks in the 32nd percentile, and in the 40th percentile within MA. Charities of a similar size with the same main cause include Hub Community Center ($84k), Thibodaux Main Street Inc ($84k) and Gold Rush Days Festival Inc ($84k).

On its Form 990-EZ for the period ending June 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $477k against liabilities of $9,000, net assets of $468k.