Rochester Economic Development Corporation

Analysis

Rochester Economic Development Corporation is a registered charity in United States, based in Rochester, NY. It received its IRS tax-exemption ruling in March 1985, 41 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 supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Rochester Economic Development Corporation reported income of $1.7m and spending of $2.7m, spending 160% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $2.1m to $1.7m (-21%), an average of -5.6% a year. The sharpest change came in the year to September 2021, when income rose by 289%. Over the whole period it spent 146% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Rochester Economic Development Corporation sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 81st percentile within NY. Charities of a similar size with the same main cause include Work & Service Coalition ($1.7m), One Community NYC Inc ($1.7m) and North River Commission ($1.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 79% and program service revenue 9.0% of the total. Other salaries and wages came to $695k. At year end it held assets of $13.3m against liabilities of $2.0m, net assets of $11.3m.

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.