Passyunk Avenue Revitalization Corporation

Analysis

Passyunk Avenue Revitalization Corporation is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in August 1999, 27 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, Passyunk Avenue Revitalization Corporation reported income of $1.3m and spending of $1.4m, spending 105% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $845k to $1.3m (+56%), an average of +12% a year. The sharpest change came in the year to December 2020, when income rose by 34%. Over the whole period it spent 115% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Passyunk Avenue Revitalization Corporation sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 81st percentile within PA. Charities of a similar size with the same main cause include Cook Inlet Counseling Inc ($1.3m), Wilmington Economic Development Corporation ($1.3m) and Work Force Investment Board of the Southwest Region Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 37% and program service revenue 57% of the total. Compensation of current officers, directors and key employees was $102k (7.3% of expenses). At year end it held assets of $7.0m against liabilities of $1.9m, net assets of $5.1m. 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.