Lorain Growth Corporation

Analysis

Lorain Growth Corporation is a registered charity in United States, based in Lorain, OH. It received its IRS tax-exemption ruling in April 1998, 28 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, Lorain Growth Corporation reported income of $140k and spending of $160k, spending 114% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $155k to $140k (-9.8%), an average of -9.8% a year. Over the whole period it spent 96% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Lorain Growth Corporation sits at the 43rd percentile: it is larger than about 43% of them. Against every charity in United States with reported income it ranks in the 45th percentile, and in the 46th percentile within OH. Charities of a similar size with the same main cause include Hirshberg Entrepreneurship Institute ($140k), Alleghenny Council to Improve Out Neighborhoods-Housing Inc ($140k) and Socialworx Institute Inc ($140k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $67k against liabilities of $0, net assets of $67k.