Urban Renewal Corp

Analysis

Urban Renewal Corp is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in May 1995, 31 years ago. Its declared purposes cover employment, 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 2022, Urban Renewal Corp reported income of $1.8m and spending of $2.2m, spending 120% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $4.2m to $1.8m (-56%), an average of -24% a year. The sharpest change came in the year to December 2022, when income rose by 63%. Over the whole period it spent 118% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Urban Renewal Corp sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 87th percentile within NJ. Charities of a similar size with the same main cause include Greater Dwight Community Investment Corporation ($1.8m), Kathleen Anderson Comprehensive Work Center Inc ($1.8m) and Ocean Bay Community Developement Corporation ($1.8m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 19% and program service revenue 80% of the total. Other salaries and wages came to $1.1m. At year end it held assets of $3.1m against liabilities of $527k, net assets of $2.6m. It reported 47 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.