Adirondack Economic Development Corp

Analysis

Adirondack Economic Development Corp is a registered charity in United States, based in Saranac Lake, NY. It received its IRS tax-exemption ruling in July 1996, 30 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, Adirondack Economic Development Corp reported income of $950k and spending of $757k, leaving 20% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $287k to $950k (+232%), an average of +35% a year. The sharpest change came in the year to December 2022, when income rose by 76%. Over the whole period it spent 79% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Adirondack Economic Development Corp sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 75th percentile within NY. Charities of a similar size with the same main cause include Area 1 Plumbers Joint Apprenticeship and Training ($949k), Vermont Council on Rural Development Inc ($951k) and Vanguard Community Development Corporation ($949k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 88% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $163k (22% of expenses). Other salaries and wages came to $232k. At year end it held assets of $3.7m against liabilities of $2.4m, net assets of $1.3m. It reported 9 employees.