Hudson Yards Development Corporation

Analysis

Hudson Yards Development Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in February 2007, 19 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, Hudson Yards Development Corporation reported income of $4.7m and spending of $4.7m, spending 100% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.4m to $4.7m (+246%), an average of +51% a year. The sharpest change came in the year to June 2022, when income rose by 174%. 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, Hudson Yards Development Corporation sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 89th percentile within NY. Charities of a similar size with the same main cause include Janus Developmental Services Inc ($4.7m), Dpi Group ($4.7m) and Community Organizing and Family Issues ($4.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $730k (16% of expenses). Other salaries and wages came to $108k. At year end it held assets of $2.3m against liabilities of $2.3m, net assets of $76k. It reported 4 employees.