Canastota Development Corporation

Analysis

Canastota Development Corporation is a registered charity in United States, based in Canastota, NY. It received its IRS tax-exemption ruling in May 2002, 24 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 June 2023, Canastota Development Corporation reported income of $97k and spending of $37k, leaving 62% of income unspent that year. Across the 2 years on record, from June 2022 to June 2023, income fell from $101k to $97k (-4.2%), an average of -4.2% a year. Over the whole period it spent 46% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Canastota Development Corporation sits at the 35th percentile: it is larger than about 34% of them. Against every charity in United States with reported income it ranks in the 36th percentile, and in the 35th percentile within NY. Charities of a similar size with the same main cause include Women Voice Network Inc ($97k), Fond du Lac Rotary Club Charities Inc ($97k) and Tigard Downtown Alliance ($97k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 99% of the total. Other salaries and wages came to $8,120. At year end it held assets of $553k against liabilities of $419, net assets of $553k. It reported 2 employees.