Ely Area Community Foundation Inc

Analysis

Ely Area Community Foundation Inc is a registered charity in United States, based in Ely, MN. It received its IRS tax-exemption ruling in January 2013, 13 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, Ely Area Community Foundation Inc reported income of $1.6m and spending of $99k, leaving 94% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $1.4m to $1.6m (+10%), an average of +10% a year. Over the whole period it spent 4.5% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Ely Area Community Foundation Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within MN. Charities of a similar size with the same main cause include Keren Kiryat Sefer Inc ($1.6m), Manistee County Community ($1.6m) and Map Foundation Inc ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% of the total. At year end it held assets of $2.9m against liabilities of $0, net assets of $2.9m.