The Youngstown Edison Incubator Corporation

Analysis

The Youngstown Edison Incubator Corporation is a registered charity in United States, based in Youngstown, OH. It received its IRS tax-exemption ruling in May 1996, 30 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, The Youngstown Edison Incubator Corporation reported income of $4.2m and spending of $4.3m, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.6m to $4.2m (+16%), an average of +3.7% a year. The sharpest change came in the year to December 2022, when income rose by 22%. Over the whole period it spent 111% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, The Youngstown Edison Incubator Corporation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 91st percentile within OH. Charities of a similar size with the same main cause include Warriors Inc ($4.2m), Search Institute ($4.2m) and Corporation for Findlay Market of Cincinnati ($4.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 79% of the total. Compensation of current officers, directors and key employees was $153k (3.5% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $13.6m against liabilities of $1.8m, net assets of $11.8m. It reported 33 employees.

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.