Waterbury Development Corporation

Analysis

Waterbury Development Corporation is a registered charity in United States, based in Waterbury, CT. It received its IRS tax-exemption ruling in April 2000, 26 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, Waterbury Development Corporation reported income of $3.7m and spending of $3.8m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $9.1m to $3.7m (-59%), an average of -20% a year. The sharpest change came in the year to June 2023, when income rose by 54%. Over the whole period it spent 101% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Waterbury Development Corporation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 89th percentile within CT. Charities of a similar size with the same main cause include American Agape Foundation Inc ($3.7m), Accounting Aid Society ($3.7m) and Wasatch Community Gardens ($3.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 84% and program service revenue 9.0% of the total. Other salaries and wages came to $1.1m. At year end it held assets of $8.1m against liabilities of $6.9m, net assets of $1.2m. It reported 13 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.