Ironbound Business Improvement District Management Corporation

Analysis

Ironbound Business Improvement District Management Corporation is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in July 2002, 24 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, Ironbound Business Improvement District Management Corporation reported income of $1.0m and spending of $1.1m, spending 106% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $906k to $1.0m (+14%), an average of +3.3% a year. The sharpest change came in the year to December 2020, when income rose by 48%. Over the whole period it spent 97% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Ironbound Business Improvement District Management Corporation sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 82nd percentile within NJ. Charities of a similar size with the same main cause include Hammond Development Corporation ($1.0m), Bayfront Nato Inc ($1.0m) and Generator Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $51k (4.6% of expenses). At year end it held assets of $400k against liabilities of $0, net assets of $400k. It reported 1 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.