Local Development Corporation of East New York

Analysis

Local Development Corporation of East New York is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in May 1979, 47 years ago. 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, Local Development Corporation of East New York reported income of $784k and spending of $819k, spending 105% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $650k to $784k (+21%), an average of +4.8% a year. The sharpest change came in the year to June 2022, when income rose by 45%. Over the whole period it spent 106% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Local Development Corporation of East New York sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 72nd percentile within NY. Charities of a similar size with the same main cause include Pathways Counseling and Growth Center ($784k), Adoption Circle Inc ($784k) and Sheltering Harbour ($784k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% of the total. Compensation of current officers, directors and key employees was $61k (7.5% of expenses). Other salaries and wages came to $212k. At year end it held assets of $410k against liabilities of $268k, net assets of $142k. It reported 9 employees.