Tri-City Peoples Corporation

Analysis

Tri-City Peoples Corporation is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in November 2023, 3 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 2021, Tri-City Peoples Corporation reported income of $582k and spending of $852k, spending 146% of what it took in. Across the 3 years on record, from December 2019 to December 2021, income fell from $790k to $582k (-26%), an average of -14% a year. The sharpest change came in the year to December 2020, when income dropped by 17%. Over the whole period it spent 138% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Tri-City Peoples Corporation sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 77th percentile within NJ. Charities of a similar size with the same main cause include Cherokee Cultural Community ($582k), Morris Park District Management Association Inc ($582k) and Westport Downtown Association Inc ($582k).

On its Form 990 for the period ending December 2021, revenue came from contributions and grants 39% and program service revenue 57% of the total. Compensation of current officers, directors and key employees was $70k (8.2% of expenses). Other salaries and wages came to $235k. At year end it held assets of $842k against liabilities of $3.9m, net assets of -$3.1m. 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.