Workforce Development Corp

Analysis

Workforce Development Corp is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in September 1992, 34 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Workforce Development Corp reported income of $7.0m and spending of $7.9m, spending 113% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $7.8m to $7.0m (-11%), an average of -2.8% a year. The sharpest change came in the year to June 2020, when income rose by 313%. Over the whole period it spent 113% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Workforce Development Corp sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 91st percentile within NY. Charities of a similar size with the same main cause include Albany Leadership Charter High School for Girls ($7.0m), Texas Music Educators Association Inc ($7.0m) and South Tech Preparatory Academy Inc ($7.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% of the total. Other salaries and wages came to $1.7m. At year end it held assets of $11.9m against liabilities of $8.3m, net assets of $3.6m. It reported 40 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.