Union County Economic Development Corp

Analysis

Union County Economic Development Corp is a registered charity in United States, based in Cranford, NJ. It received its IRS tax-exemption ruling in April 1979, 47 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, Union County Economic Development Corp reported income of $4.8m and spending of $3.8m, leaving 21% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.3m to $4.8m (+45%), an average of +9.8% a year. The sharpest change came in the year to December 2021, when income rose by 62%. Over the whole period it spent 68% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Union County Economic Development Corp sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within NJ. Charities of a similar size with the same main cause include Self-Help Community Development Corp ($4.8m), Grow Southwest Indiana Workforceboard Inc ($4.8m) and Cars for Charity Inc ($4.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 75% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $824k (22% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $26.7m against liabilities of $8.8m, net assets of $17.9m. It reported 25 employees.