Downtown Akron Partnership Inc

Analysis

Downtown Akron Partnership Inc is a registered charity in United States, based in Akron, OH. It received its IRS tax-exemption ruling in July 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 June 2023, Downtown Akron Partnership Inc reported income of $2.0m and spending of $1.9m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $2.2m to $2.0m (-12%), an average of -3.2% a year. The sharpest change came in the year to June 2021, when income rose by 69%. Over the whole period it spent 102% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Downtown Akron Partnership Inc sits at the 85th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 86th percentile within OH. Charities of a similar size with the same main cause include Able-Services Inc ($2.0m), Historic East Baltimore Community Action Coalition Inc ($2.0m) and Martinsvill-Henry County Economic Development Corporation ($2.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 43% and program service revenue 55% of the total. Compensation of current officers, directors and key employees was $132k (7.0% of expenses). Other salaries and wages came to $261k. At year end it held assets of $1.2m against liabilities of $376k, net assets of $799k. It reported 10 employees.