Griffiss Local Development Corporation

Analysis

Griffiss Local Development Corporation is a registered charity in United States, based in Rome, NY. It received its IRS tax-exemption ruling in March 1995, 31 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, Griffiss Local Development Corporation reported income of $6.5m and spending of $5.7m, spending 88% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $5.5m to $6.5m (+19%), an average of +4.3% a year. The sharpest change came in the year to December 2022, when income rose by 37%. Over the whole period it spent 100% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Griffiss Local Development Corporation sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 91st percentile within NY. Charities of a similar size with the same main cause include Greenpoint Manufacturing and Design Center Local Development Corp GMDC ($6.5m), Eastern Maine Development Corporation ($6.5m) and Finishing Trades Institute of New England ($6.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 57% of the total. Other salaries and wages came to $695k. At year end it held assets of $29.7m against liabilities of $11.0m, net assets of $18.7m. It reported 12 employees.