Local Development Corporation of Crown Heights Inc

Analysis

Local Development Corporation of Crown Heights Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in September 1988, 38 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 December 2023, Local Development Corporation of Crown Heights Inc reported income of $1.2m and spending of $1.5m, spending 120% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.8m to $1.2m (-30%), an average of -8.7% a year. The sharpest change came in the year to December 2020, when income dropped by 31%. Over the whole period it spent 78% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Local Development Corporation of Crown Heights Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 78th percentile within NY. Charities of a similar size with the same main cause include City Community Services ($1.2m), El Rescate ($1.2m) and Metro West Community Development Organization ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 17% and program service revenue 57% of the total. Compensation of current officers, directors and key employees was $191k (13% of expenses). Other salaries and wages came to $323k. At year end it held assets of $12.9m against liabilities of $3.3m, net assets of $9.7m. It reported 5 employees.