Allegany County Area Foundation Inc

Analysis

Allegany County Area Foundation Inc is a registered charity in United States, based in Belmont, NY. It received its IRS tax-exemption ruling in April 1984, 42 years ago. Its declared purposes cover education, which this site groups under education and training. 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 2024, Allegany County Area Foundation Inc reported income of $824k and spending of $480k, leaving 42% of income unspent that year. Across the 5 years on record, from June 2020 to June 2024, income grew from $595k to $824k (+39%), an average of +8.5% a year. The sharpest change came in the year to June 2023, when income rose by 104%. Over the whole period it spent 46% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Allegany County Area Foundation Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 73rd percentile within NY. Charities of a similar size with the same main cause include The Litchfield Scholarship Association Inc ($824k), College Oak Montessori School Inc ($824k) and Wise Alliance ($824k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 37% of the total. Compensation of current officers, directors and key employees was $33k (6.9% of expenses). Other salaries and wages came to $30k. At year end it held assets of $14.7m against liabilities of $0, net assets of $14.7m. It reported 3 employees.