Franklin County Local Development Corporation

Analysis

Franklin County Local Development Corporation is a registered charity in United States, based in Malone, NY. It received its IRS tax-exemption ruling in September 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 December 2023, Franklin County Local Development Corporation reported income of $657k and spending of $771k, spending 117% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $521k to $657k (+26%), an average of +6.0% a year. The sharpest change came in the year to December 2022, when income rose by 136%. Over the whole period it spent 129% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Franklin County Local 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 Hosanna Community Foundation Inc ($657k), African Refugee Immigrant Organization ($657k) and Mid-Iowa Workshops Inc ($657k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 68% and program service revenue 26% of the total. Other salaries and wages came to $153k. At year end it held assets of $2.6m against liabilities of $121k, net assets of $2.4m. It reported 3 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.