Renaissance Economic Development Corporation

Analysis

Renaissance Economic Development Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in March 1998, 28 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, Renaissance Economic Development Corporation reported income of $4.1m and spending of $5.1m, spending 125% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.3m to $4.1m (+82%), an average of +16% a year. The sharpest change came in the year to December 2020, when income rose by 195%. 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, Renaissance Economic Development Corporation 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 91st percentile, and in the 88th percentile within NY. Charities of a similar size with the same main cause include Chi Ishobak Inc ($4.1m), Creative Employment Opportunities ($4.1m) and Twin Cities Rise ($4.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 70% and program service revenue 26% of the total. Compensation of current officers, directors and key employees was $287k (5.6% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $32.6m against liabilities of $14.1m, net assets of $18.5m. It reported 36 employees.