The Mayors Fund to Advance New York City

Analysis

The Mayors Fund to Advance New York City is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in April 1995, 31 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 June 2023, The Mayors Fund to Advance New York City reported income of $10.9m and spending of $11.3m, spending 104% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $29.7m to $10.9m (-63%), an average of -22% a year. The sharpest change came in the year to June 2020, when income rose by 163%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, The Mayors Fund to Advance New York City sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 93rd percentile within NY. Charities of a similar size with the same main cause include Southeastern Minnesota Private Industry Council Inc ($10.9m), Cordova Community Councilfoundation ($10.9m) and Rocky Mountain Development Council Inc ($10.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 1.5% of the total. Compensation of current officers, directors and key employees was $294k (2.6% of expenses). Other salaries and wages came to $677k. At year end it held assets of $16.0m against liabilities of $1.7m, net assets of $14.2m. It reported 16 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.