Fac Center Local Development Corp

Analysis

Fac Center Local Development Corp is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in September 2006, 20 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, Fac Center Local Development Corp reported income of $3.3m and spending of $805k, leaving 76% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $696k to $3.3m (+379%), an average of +48% a year. The sharpest change came in the year to June 2023, when income rose by 370%. Over the whole period it spent 49% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Fac Center Local Development Corp 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 90th percentile, and in the 87th percentile within NY. Charities of a similar size with the same main cause include 770 Moshiach Community Center Inc ($3.3m), New Town Macon Inc ($3.3m) and Dudley Street Neighborhood Initiative Inc ($3.3m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 21% of the total. At year end it held assets of $6.8m against liabilities of $3.1m, net assets of $3.6m.