Centerstate Development Foundation Inc

Analysis

Centerstate Development Foundation Inc is a registered charity in United States, based in Syracuse, NY. It received its IRS tax-exemption ruling in April 1982, 44 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, Centerstate Development Foundation Inc reported income of $1.6m and spending of $1.4m, spending 90% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.4m to $1.6m (+9.0%), an average of +2.2% a year. The sharpest change came in the year to December 2021, when income rose by 43%. Over the whole period it spent 88% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Centerstate Development Foundation Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 80th percentile within NY. Charities of a similar size with the same main cause include Bayview Hunters Point Community Advocates Inc ($1.6m), Nevada Partners Inc ($1.6m) and The Freedom Bound Center ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.4% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $131k (9.3% of expenses). At year end it held assets of $3.7m against liabilities of $446k, net assets of $3.3m.