Common Wealth Inc

Analysis

Common Wealth Inc is a registered charity in United States, based in Youngstown, OH. It received its IRS tax-exemption ruling in April 1987, 39 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, Common Wealth Inc reported income of $730k and spending of $556k, leaving 24% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $266k to $730k (+175%), an average of +29% a year. The sharpest change came in the year to December 2022, when income rose by 147%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Common Wealth Inc sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 76th percentile within OH. Charities of a similar size with the same main cause include Virginia Growth and Opportunity Foundation ($730k), Impact Services Inc ($730k) and Nebraska State Chamber Foundation ($730k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 91% of the total. Compensation of current officers, directors and key employees was $55k (9.9% of expenses). Other salaries and wages came to $105k. At year end it held assets of $10.1m against liabilities of $215k, net assets of $9.9m. It reported 6 employees.