Mhany Peninsula Local Development Corporation

Analysis

Mhany Peninsula Local Development Corporation is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in May 2019, 7 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Mhany Peninsula Local Development Corporation reported income of $175k and spending of $1.3m, spending 724% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $13k to $175k (+1250%), an average of +92% a year. The sharpest change came in the year to December 2020, when income dropped by 100%. Over the whole period it spent 316% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Mhany Peninsula Local Development Corporation sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 51st percentile, and in the 48th percentile within NY. Charities of a similar size with the same main cause include Reaching the Nations International ($175k), Royal Oak Civic Foundation ($176k) and The Macatawa Resource Center ($175k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 36% and program service revenue 64% of the total. At year end it held assets of $39.5m against liabilities of $40.7m, net assets of -$1.3m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.