Upstate Venture Connect Corporation

Analysis

Upstate Venture Connect Corporation is a registered charity in United States, based in Little Falls, NY. It received its IRS tax-exemption ruling in August 2010, 16 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, Upstate Venture Connect Corporation reported income of $314k and spending of $377k, spending 120% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $374k to $314k (-16%), an average of -4.3% a year. The sharpest change came in the year to December 2022, when income rose by 41%. 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, Upstate Venture Connect Corporation sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 59th percentile within NY. Charities of a similar size with the same main cause include Redstone Foundation ($314k), Hayti Facilities Corporation ($314k) and New Impact ($314k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 3.1% of the total. Compensation of current officers, directors and key employees was $100k (27% of expenses). Other salaries and wages came to $145k. At year end it held assets of $75k against liabilities of $2,995, net assets of $72k. It reported 4 employees.