Watertown Local Development Corporation

Analysis

Watertown Local Development Corporation is a registered charity in United States, based in Watertown, NY. It received its IRS tax-exemption ruling in June 1984, 42 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, Watertown Local Development Corporation reported income of $760k and spending of $1.1m, spending 140% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $500k to $760k (+52%), an average of +11% a year. The sharpest change came in the year to December 2023, when income rose by 95%. Over the whole period it spent 128% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Watertown Local Development Corporation sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 72nd percentile within NY. Charities of a similar size with the same main cause include Cherry Hill Town Center Inc ($759k), Ideas in Action Inc ($760k) and Pittsfield Community Cable Broadcasting Inc ($759k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 50% and program service revenue 29% of the total. Compensation of current officers, directors and key employees was $160k (15% of expenses). At year end it held assets of $9.7m against liabilities of $286k, net assets of $9.4m. It reported 2 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.