Madison Development Corporation

Analysis

Madison Development Corporation is a registered charity in United States, based in Madison, WI. It received its IRS tax-exemption ruling in May 1980, 46 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, Madison Development Corporation reported income of $6.4m and spending of $5.1m, leaving 21% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.2m to $6.4m (+52%), an average of +11% a year. The sharpest change came in the year to December 2023, when income rose by 30%. Over the whole period it spent 88% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Madison Development Corporation sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within WI. Charities of a similar size with the same main cause include Pearl Transit ($6.4m), Norwich Community Development Corporation Inc ($6.4m) and Chesco Inc ($6.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 20% and program service revenue 79% of the total. Compensation of current officers, directors and key employees was $350k (6.9% of expenses). Other salaries and wages came to $761k. At year end it held assets of $53.1m against liabilities of $42.6m, net assets of $10.5m.