Red Wing Downtown Council Main Street Inc

Analysis

Red Wing Downtown Council Main Street Inc is a registered charity in United States, based in Red Wing, MN. It received its IRS tax-exemption ruling in December 1998, 28 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 December 2023, Red Wing Downtown Council Main Street Inc reported income of $174k and spending of $252k, spending 145% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $315k to $174k (-45%), an average of -45% a year. The sharpest change came in the year to December 2023, when income dropped by 45%. Over the whole period it spent 92% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Red Wing Downtown Council Main Street Inc sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 51st percentile, and in the 49th percentile within MN. Charities of a similar size with the same main cause include Launch Pad Baker ($174k), Alton Park Development Corp ($174k) and Envision Mineral Wells Foundation Inc ($174k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 75% and program service revenue 25% of the total. At year end it held assets of $125k against liabilities of $255, net assets of $125k.