Troy Local Development Corporation

Analysis

Troy Local Development Corporation is a registered charity in United States, based in Troy, NY. It received its IRS tax-exemption ruling in August 1991, 35 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 supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Troy Local Development Corporation reported income of $404k and spending of $319k, leaving 21% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.2m to $404k (-67%), an average of -24% a year. The sharpest change came in the year to December 2022, when income rose by 104%. Over the whole period it spent 58% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Troy Local Development Corporation sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 67th percentile, and in the 63rd percentile within NY. Charities of a similar size with the same main cause include Avj Foundation ($404k), District 742 Local Education & Activities Foundation ($404k) and East Side Business Improvement District ($403k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 34% and program service revenue 23% of the total. Compensation of current officers, directors and key employees was $15k (4.7% of expenses). Other salaries and wages came to $2,000. At year end it held assets of $3.7m against liabilities of $1.5m, net assets of $2.2m.