Itasca Economic Development Corporation

Analysis

Itasca Economic Development Corporation is a registered charity in United States, based in Grand Rapids, MN. It received its IRS tax-exemption ruling in November 1989, 37 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, Itasca Economic Development Corporation reported income of $2.4m and spending of $1.3m, leaving 47% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $892k to $2.4m (+167%), an average of +28% a year. The sharpest change came in the year to December 2023, when income rose by 88%. Over the whole period it spent 75% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Itasca Economic Development Corporation sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 87th percentile within MN. Charities of a similar size with the same main cause include Worksource Enterprises ($2.4m), Fulton County Rehabilitation Center Inc ($2.4m) and Middle Georgia Consortium Inc ($2.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 2.7% of the total. Compensation of current officers, directors and key employees was $127k (10% of expenses). Other salaries and wages came to $324k. At year end it held assets of $4.5m against liabilities of $1.2m, net assets of $3.3m. It reported 11 employees.