Economic Development Corporation of New Haven

Analysis

Economic Development Corporation of New Haven is a registered charity in United States, based in New Haven, CT. It received its IRS tax-exemption ruling in July 2008, 18 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, Economic Development Corporation of New Haven reported income of $668k and spending of $571k, spending 85% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $2.9m to $668k (-77%), an average of -30% a year. The sharpest change came in the year to December 2023, when income dropped by 62%. Over the whole period it spent 98% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Economic Development Corporation of New Haven sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 73rd percentile within CT. Charities of a similar size with the same main cause include Rva Hampton Roads Mega Region Collaborative ($668k), Campaign for Uyghurs Incorporated ($668k) and Liberty Kids Inc ($668k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 67% and program service revenue 33% of the total. Other salaries and wages came to $332k. At year end it held assets of $1.0m against liabilities of $667k, net assets of $337k. It reported 4 employees.