Elizabeth Development Company of New Jersey

Analysis

Elizabeth Development Company of New Jersey is a registered charity in United States, based in Elizabeth, NJ. It received its IRS tax-exemption ruling in February 1987, 39 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, Elizabeth Development Company of New Jersey reported income of $2.1m and spending of $2.3m, spending 110% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $2.9m to $2.1m (-28%), an average of -7.8% a year. The sharpest change came in the year to June 2021, when income rose by 192%. Over the whole period it spent 108% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Elizabeth Development Company of New Jersey 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 86th percentile, and in the 88th percentile within NJ. Charities of a similar size with the same main cause include Boston Square Hwec ($2.1m), National Association of Diversity Officers in Higher Education ($2.1m) and Center for Excellence in Health Care Journalism ($2.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 64% and program service revenue 25% of the total. Other salaries and wages came to $1.1m. At year end it held assets of $20.2m against liabilities of $5.2m, net assets of $15.0m. It reported 16 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.