Economic Development Corporation

Analysis

Economic Development Corporation is a registered charity in United States, based in Glens Falls, NY. It received its IRS tax-exemption ruling in September 1993, 33 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, Economic Development Corporation reported income of $638k and spending of $715k, spending 112% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $618k to $638k (+3.1%), an average of +0.8% a year. The sharpest change came in the year to December 2020, when income dropped by 16%. Over the whole period it spent 116% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Economic Development Corporation sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 70th percentile within NY. Charities of a similar size with the same main cause include Al Community Development Corporation ($637k), Anacortes Skate Park Improvement Project ($638k) and Vivians Door Inc ($637k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 2.2% of the total. Compensation of current officers, directors and key employees was $167k (23% of expenses). Other salaries and wages came to $230k. At year end it held assets of $1.1m against liabilities of $254k, net assets of $807k. It reported 11 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.