Cumberland Area Economic Development Corporation

Analysis

Cumberland Area Economic Development Corporation is a registered charity in United States, based in Mechanicsburg, PA. It received its IRS tax-exemption ruling in October 2005, 21 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, Cumberland Area Economic Development Corporation reported income of $3.1m and spending of $2.8m, spending 89% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.7m to $3.1m (+16%), an average of +3.8% a year. The sharpest change came in the year to December 2021, when income rose by 192%. Over the whole period it spent 83% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Cumberland Area Economic Development Corporation sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 88th percentile within PA. Charities of a similar size with the same main cause include Coharie Intra Tribal Inc ($3.1m), Junior League of Jackson Miss Inc ($3.1m) and Enterprise Foundation ($3.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 91% and program service revenue 3.9% of the total. Compensation of current officers, directors and key employees was $299k (11% of expenses). Other salaries and wages came to $801k. At year end it held assets of $9.3m against liabilities of $1.8m, net assets of $7.5m. It reported 18 employees.