Rock Island Economic Growth Corporation

Analysis

Rock Island Economic Growth Corporation is a registered charity in United States, based in Milan, IL. It received its IRS tax-exemption ruling in February 1999, 27 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Rock Island Economic Growth Corporation reported income of $4.5m and spending of $5.7m, spending 126% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.8m to $4.5m (+60%), an average of +12% a year. The sharpest change came in the year to December 2023, when income rose by 85%. Over the whole period it spent 153% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Rock Island Economic Growth Corporation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 91st percentile within IL. Charities of a similar size with the same main cause include Eagle Creek Inc ($4.5m), First Story ($4.5m) and Habitat for Humanity International Inc ($4.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 38% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $566k (9.9% of expenses). Other salaries and wages came to $556k. At year end it held assets of $42.7m against liabilities of $34.4m, net assets of $8.3m. It reported 29 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.