Ironbound Community Corporation

Analysis

Ironbound Community Corporation is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in November 1982, 44 years ago. 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 August 2023, Ironbound Community Corporation reported income of $10.8m and spending of $9.9m, spending 92% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $8.3m to $10.8m (+31%), an average of +7.0% a year. Over the whole period it spent 88% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Ironbound Community Corporation sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NJ. Charities of a similar size with the same main cause include Neural Information Processing Systems Foundation Inc ($10.8m), Indiana University Alumni Association Inc ($10.8m) and St Francis Healthcare System of Hawaii ($10.8m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 96% and program service revenue 2.0% of the total. Compensation of current officers, directors and key employees was $189k (1.9% of expenses). Other salaries and wages came to $5.6m. At year end it held assets of $20.7m against liabilities of $3.5m, net assets of $17.3m. It reported 203 employees.