Queens Economic Development Corporation

Analysis

Queens Economic Development Corporation is a registered charity in United States, based in Kew Gardens, NY. It received its IRS tax-exemption ruling in December 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 2023, Queens Economic Development Corporation reported income of $3.0m and spending of $3.0m, spending 100% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.1m to $3.0m (+45%), an average of +9.8% a year. The sharpest change came in the year to June 2021, when income rose by 21%. 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, Queens Economic Development Corporation sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 86th percentile within NY. Charities of a similar size with the same main cause include Greenco Industries Inc ($3.0m), Eastern Oregon Workforce Investment Board ($3.0m) and Charitable Foundation of the Islands Inc ($3.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 85% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $129k (4.3% of expenses). At year end it held assets of $2.6m against liabilities of $305k, net assets of $2.3m. It reported 30 employees.