Syracuse Economic Development Corporation

Analysis

Syracuse Economic Development Corporation is a registered charity in United States, based in Syracuse, NY. It received its IRS tax-exemption ruling in August 1985, 41 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, Syracuse Economic Development Corporation reported income of $2.1m and spending of $1.1m, leaving 50% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $248k to $2.1m (+763%), an average of +71% a year. The sharpest change came in the year to December 2022, when income rose by 452%. Over the whole period it spent 31% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Syracuse Economic Development Corporation sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 83rd percentile within NY. Charities of a similar size with the same main cause include The Workfaith Connection ($2.1m), Our Lady of America Ministries Inc ($2.1m) and Saisd Historic Preservation Corporation ($2.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 90% and program service revenue 10% of the total. Other salaries and wages came to $138k. At year end it held assets of $16.4m against liabilities of $2.0m, net assets of $14.4m.