Midwood Development Corp

Analysis

Midwood Development Corp is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in June 1977, 49 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 2024, Midwood Development Corp reported income of $434k and spending of $460k, spending 106% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income fell from $1.4m to $434k (-68%), an average of -20% a year. The sharpest change came in the year to June 2023, when income dropped by 72%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Midwood Development Corp sits at the 65th percentile: it is larger than about 65% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 64th percentile within NY. Charities of a similar size with the same main cause include The Bread Bakers Guild of America ($434k), Three Rivers Community Investment Inc ($434k) and Downtown Mansfield Inc ($434k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 30% and program service revenue 69% of the total. Other salaries and wages came to $228k. At year end it held assets of $254k against liabilities of $22k, net assets of $233k. It reported 23 employees.