Albia Industrial Development Corporation

Analysis

Albia Industrial Development Corporation is a registered charity in United States, based in Albia, IA. It received its IRS tax-exemption ruling in February 1994, 32 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, Albia Industrial Development Corporation reported income of $182k and spending of $168k, spending 93% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $118k to $182k (+54%), an average of +11% a year. The sharpest change came in the year to December 2020, when income rose by 74%. 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, Albia Industrial Development Corporation sits at the 49th percentile: it is larger than about 49% of them. Against every charity in United States with reported income it ranks in the 52nd percentile, and in the 52nd percentile within IA. Charities of a similar size with the same main cause include Tie-Boston Foundation Inc ($182k), Hartford Next Inc ($182k) and Dress for Success Michiana Inc ($182k).

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 $98k (58% of expenses). Other salaries and wages came to $29k. At year end it held assets of $188k against liabilities of $0, net assets of $188k. It reported 2 employees.