Binghampton Development Corporation

Analysis

Binghampton Development Corporation is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in June 2004, 22 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 June 2023, Binghampton Development Corporation reported income of $2.2m and spending of $1.9m, spending 87% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.1m to $2.2m (+2.5%), an average of +0.6% a year. The sharpest change came in the year to June 2022, when income rose by 132%. Over the whole period it spent 78% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Binghampton 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 87th percentile, and in the 87th percentile within TN. Charities of a similar size with the same main cause include Builders of Hope CDC ($2.2m), University Center Facilities Corporation III ($2.2m) and Gaston Skills Incorporated ($2.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 48% and program service revenue 42% of the total. Compensation of current officers, directors and key employees was $81k (4.3% of expenses). Other salaries and wages came to $522k. At year end it held assets of $14.6m against liabilities of $5.4m, net assets of $9.2m. It reported 23 employees.