Fay-Penn Economic Development Corporation

Analysis

Fay-Penn Economic Development Corporation is a registered charity in United States, based in Lemont FRNC, PA. It received its IRS tax-exemption ruling in May 1992, 34 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, Fay-Penn Economic Development Corporation reported income of $4.2m and spending of $4.2m, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.3m to $4.2m (+28%), an average of +6.4% a year. The sharpest change came in the year to December 2022, when income rose by 28%. Over the whole period it spent 93% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Fay-Penn Economic Development Corporation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within PA. Charities of a similar size with the same main cause include Coalition on Homeless and Housing in Ohio ($4.2m), Magnet Lending Corporation ($4.2m) and Erienet ($4.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 4.5% and program service revenue 79% of the total. Compensation of current officers, directors and key employees was $337k (8.1% of expenses). Other salaries and wages came to $671k. At year end it held assets of $60.7m against liabilities of $14.5m, net assets of $46.3m. It reported 14 employees.