Canaan Development Foundation

Analysis

Canaan Development Foundation is a registered charity in United States, based in Urbana, IL. It received its IRS tax-exemption ruling in September 1996, 30 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Canaan Development Foundation reported income of $195k and spending of $195k, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $477k to $195k (-59%), an average of -20% a year. The sharpest change came in the year to December 2021, when income dropped by 55%. Over the whole period it spent 107% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Canaan Development Foundation sits at the 54th percentile: it is larger than about 54% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 54th percentile within IL. Charities of a similar size with the same main cause include Colebrook Community Child Care ($195k), Walton Lacrosse Booster Club ($195k) and Fourth District Seniors Resource Center ($195k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $47k (24% of expenses). Other salaries and wages came to $36k. At year end it held assets of $0 against liabilities of $798k, net assets of -$798k. It reported 9 employees.