Erie Canalway Heritage Fund Inc

Analysis

Erie Canalway Heritage Fund Inc is a registered charity in United States, based in Waterford, NY. It received its IRS tax-exemption ruling in November 2007, 19 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 September 2023, Erie Canalway Heritage Fund Inc reported income of $1.5m and spending of $1.4m, spending 93% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $1.3m to $1.5m (+16%), an average of +3.7% a year. The sharpest change came in the year to September 2022, when income rose by 23%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Erie Canalway Heritage Fund Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 80th percentile within NY. Charities of a similar size with the same main cause include Community Alternative Residential Environments Inc ($1.5m), Banner Neighborhoods Community Corporation ($1.5m) and Long Grove Business and Communitypartners ($1.5m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 99% and program service revenue 1.0% of the total. Compensation of current officers, directors and key employees was $182k (13% of expenses). Other salaries and wages came to $419k. At year end it held assets of $817k against liabilities of $316k, net assets of $501k. It reported 8 employees.