Norwich Community Development Corporation Inc

Analysis

Norwich Community Development Corporation Inc is a registered charity in United States, based in Norwich, CT. It received its IRS tax-exemption ruling in May 1983, 43 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, Norwich Community Development Corporation Inc reported income of $6.4m and spending of $5.7m, spending 89% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $940k to $6.4m (+585%), an average of +62% a year. The sharpest change came in the year to June 2023, when income rose by 593%. Over the whole period it spent 106% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Norwich Community Development Corporation Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within CT. Charities of a similar size with the same main cause include Madison Development Corporation ($6.4m), Northwest Bronx Community and Clergy Coalition Inc ($6.4m) and Pearl Transit ($6.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $256k. At year end it held assets of $9.7m against liabilities of $5.9m, net assets of $3.7m. It reported 5 employees.