Science Park Development Corporation

Analysis

Science Park Development Corporation is a registered charity in United States, based in New Haven, CT. It received its IRS tax-exemption ruling in November 1982, 44 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 December 2023, Science Park Development Corporation reported income of $3.9m and spending of $4.8m, spending 123% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.3m to $3.9m (+20%), an average of +4.6% a year. Over the whole period it spent 126% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Science Park Development Corporation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 89th percentile within CT. Charities of a similar size with the same main cause include Organizacion En California de Lideres Campesinas Inc ($3.9m), Pottawattamie County Development Corporation ($3.9m) and American Economic Liberties Project ($3.9m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 99% of the total. Compensation of current officers, directors and key employees was $152k (3.1% of expenses). At year end it held assets of $12.8m against liabilities of $23.7m, net assets of -$11.0m. It reported 1 employees.

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.