Akron Development Corporation

Analysis

Akron Development Corporation is a registered charity in United States, based in Akron, OH. It received its IRS tax-exemption ruling in September 2009, 17 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 supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Akron Development Corporation reported income of $284k and spending of $552k, spending 194% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income fell from $3.1m to $284k (-91%), an average of -38% a year. The sharpest change came in the year to December 2021, when income dropped by 77%. Over the whole period it spent 104% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Akron Development Corporation sits at the 58th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 60th percentile within OH. Charities of a similar size with the same main cause include Tle Center for Urban Entrepreneurship Inc ($284k), Bolinas Community Inc ($284k) and New Mexico Appleseed ($284k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 52% and program service revenue 80% of the total. At year end it held assets of $4.8m against liabilities of $2.1m, net assets of $2.8m.

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.