Allegany Regional Development Corp

Analysis

Allegany Regional Development Corp is a registered charity in United States, based in Olean, NY. It received its IRS tax-exemption ruling in April 1994, 32 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Allegany Regional Development Corp reported income of $216k and spending of $265k, spending 123% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $345k to $216k (-38%), an average of -11% a year. The sharpest change came in the year to December 2022, when income rose by 102%. Over the whole period it spent 114% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Allegany Regional Development Corp sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 55th percentile, and in the 53rd percentile within NY. Charities of a similar size with the same main cause include Storehouse Daily Bread Ministry ($216k), Adp Community Services ($216k) and Kids Club Child Care Center Inc ($216k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $3,971 (1.5% of expenses). Other salaries and wages came to $167k. At year end it held assets of $72k against liabilities of $31k, net assets of $41k.

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.