Rome Industrial Development Corporation

Analysis

Rome Industrial Development Corporation is a registered charity in United States, based in Rome, NY. It received its IRS tax-exemption ruling in March 1990, 36 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Rome Industrial Development Corporation reported income of $225k and spending of $359k, spending 159% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $212k to $225k (+6.1%), an average of +1.5% a year. Over the whole period it spent 126% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Rome Industrial Development Corporation sits at the 53rd percentile: it is larger than about 53% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 53rd percentile within NY. Charities of a similar size with the same main cause include Rotary Club of Franklin at Breakfast Charities Inc ($225k), Junior League of Baltimore Inc ($225k) and Inso Outreach Inc Nonprofit ($225k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 88% of the total. At year end it held assets of $2.6m against liabilities of $536k, net assets of $2.1m.

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.