City of Gary Economic Development Corp

Analysis

City of Gary Economic Development Corp is a registered charity in United States, based in Gary, IN. It received its IRS tax-exemption ruling in February 2014, 12 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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, City of Gary Economic Development Corp reported income of $95k and spending of $385k, spending 405% of what it took in. Across the 3 years on record, from December 2019 to December 2023, income fell from $249k to $95k (-62%), an average of -38% a year. The sharpest change came in the year to December 2022, when income dropped by 61%. Over the whole period it spent 567% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, City of Gary Economic Development Corp sits at the 40th percentile: it is larger than about 40% of them. Against every charity in United States with reported income it ranks in the 36th percentile, and in the 33rd percentile within IN. Charities of a similar size with the same main cause include The Open Door Theater of Acton Inc ($95k), Ukiah Community Concert Association Incorporated ($95k) and Hutchinson Center for the Arts ($95k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 50% and program service revenue 41% of the total. At year end it held assets of $4.9m against liabilities of $9,992, net assets of $4.9m.

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.