Urban Development Corporation

Analysis

Urban Development Corporation is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in August 2019, 7 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, Urban Development Corporation reported income of $1.2m and spending of $1.3m, spending 104% of its income. Across the 6 years on record, from December 2018 to December 2023, income grew from $1.1m to $1.2m (+11%), an average of +2.1% a year. Over the whole period it spent 104% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Urban Development Corporation sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 81st percentile within IL. Charities of a similar size with the same main cause include Narika ($1.2m), Seattle Neighborhood Group ($1.2m) and Community Closet Inc ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $295k. At year end it held assets of $682k against liabilities of $2.3m, net assets of -$1.6m. It reported 5 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.