Economic Development Growth Enterprises Corporation

Analysis

Economic Development Growth Enterprises Corporation is a registered charity in United States, based in Rome, NY. It received its IRS tax-exemption ruling in September 1988, 38 years ago. 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 Growth Enterprises Corporation reported income of $8.2m and spending of $8.3m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $16.8m to $8.2m (-51%), an average of -16% a year. The sharpest change came in the year to December 2022, when income rose by 62%. Over the whole period it spent 71% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Economic Development Growth Enterprises Corporation sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 92nd percentile within NY. Charities of a similar size with the same main cause include Purpose Preparatory Academy Inc ($8.2m), The Arc of Fayette Lamar Marengo Counties Inc ($8.2m) and Horizons of Tuscarawas and Carroll Cos Inc ($8.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 32% and program service revenue 64% of the total. Compensation of current officers, directors and key employees was $520k (6.2% of expenses). Other salaries and wages came to $758k. At year end it held assets of $40.6m against liabilities of $13.2m, net assets of $27.3m. It reported 17 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.