New York City Industrial Technology Assistance Corporation

Analysis

New York City Industrial Technology Assistance Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in December 1991, 35 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, New York City Industrial Technology Assistance Corporation reported income of $2.3m and spending of $2.6m, spending 114% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $3.3m to $2.3m (-29%), an average of -8.2% a year. The sharpest change came in the year to June 2021, when income rose by 28%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New York City Industrial Technology Assistance Corporation sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 84th percentile within NY. Charities of a similar size with the same main cause include Family Support and Resource Center Inc ($2.3m), Franklinton High School ($2.3m) and Angus Foundation ($2.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 57% and program service revenue 42% of the total. Compensation of current officers, directors and key employees was $482k (18% of expenses). Other salaries and wages came to $693k. At year end it held assets of $2.4m against liabilities of $142k, net assets of $2.3m. It reported 10 employees.