Greater Sterling Development Corp

Analysis

Greater Sterling Development Corp is a registered charity in United States, based in Sterling, IL. It received its IRS tax-exemption ruling in October 1990, 36 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending April 2024, Greater Sterling Development Corp reported income of $1.1m and spending of $1.3m, spending 117% of what it took in. Across the 5 years on record, from April 2020 to April 2024, income fell from $1.2m to $1.1m (-12%), an average of -3.2% a year. The sharpest change came in the year to April 2023, when income dropped by 36%. Over the whole period it spent 81% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Greater Sterling Development Corp sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 80th percentile within IL. Charities of a similar size with the same main cause include Seeed Inc ($1.1m), Santa Clarita Valley Economic Development Corporation ($1.1m) and Revtech Labs Foundation ($1.1m).

On its Form 990 for the period ending April 2024, revenue came from contributions and grants 30% and program service revenue 69% of the total. Compensation of current officers, directors and key employees was $120k (9.5% of expenses). Other salaries and wages came to $86k. At year end it held assets of $9.6m against liabilities of $4.6m, net assets of $5.0m. It reported 3 employees.