Long Island Development Corporation

Analysis

Long Island Development Corporation is a registered charity in United States, based in Hauppauge, NY. It received its IRS tax-exemption ruling in March 1981, 45 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 September 2023, Long Island Development Corporation reported income of $624k and spending of $1.1m, spending 179% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $752k to $624k (-17%), an average of -4.6% a year. The sharpest change came in the year to September 2021, when income rose by 1026%. Over the whole period it spent 51% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Long Island Development Corporation sits at the 71st percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 69th percentile within NY. Charities of a similar size with the same main cause include Seneca Street Community Development Corporation ($623k), National Association for County Community and Economic Development ($624k) and Hope Haven Area Development Center Foundation ($623k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.5% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $247k (22% of expenses). Other salaries and wages came to $96k. At year end it held assets of $14.4m against liabilities of $596k, net assets of $13.8m. It reported 5 employees.