Brooklyn Navy Yard Development Corporation

Analysis

Brooklyn Navy Yard Development Corporation is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in September 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 June 2023, Brooklyn Navy Yard Development Corporation reported income of $119.3m and spending of $91.3m, leaving 23% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $96.6m to $119.3m (+24%), an average of +5.4% a year. The sharpest change came in the year to June 2023, when income rose by 45%. Over the whole period it spent 93% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Brooklyn Navy Yard Development Corporation sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within NY. Charities of a similar size with the same main cause include American Association of State Highway & Transportation Officials ($115.8m), Mankato Rehabilitation Center Inc ($119.8m) and CW Resources Inc ($114.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 38% and program service revenue 58% of the total. Compensation of current officers, directors and key employees was $1.6m (1.7% of expenses). Other salaries and wages came to $16.1m. At year end it held assets of $1.05bn against liabilities of $680.4m, net assets of $365.5m. It reported 398 employees.