Southern Tier Network Inc

Analysis

Southern Tier Network Inc is a registered charity in United States, based in Corning, NY. It received its IRS tax-exemption ruling in June 2018, 8 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, Southern Tier Network Inc reported income of $3.1m and spending of $2.8m, spending 92% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.4m to $3.1m (+30%), an average of +6.8% a year. The sharpest change came in the year to December 2022, when income rose by 32%. Over the whole period it spent 96% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Southern Tier Network Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 86th percentile within NY. Charities of a similar size with the same main cause include Grand Rapids Area Community FNDTN ($3.1m), Lincoln Square District Management Association Inc ($3.1m) and Nicetown Community Development Corporation ($3.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 24% and program service revenue 62% of the total. Compensation of current officers, directors and key employees was $286k (10% of expenses). Other salaries and wages came to $164k. At year end it held assets of $27.2m against liabilities of $18.0m, net assets of $9.3m. It reported 5 employees.