First Resources Corp

Analysis

First Resources Corp is a registered charity in United States, based in Sigourney, IA. It received its IRS tax-exemption ruling in March 1988, 38 years ago. Its declared purposes cover employment, 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 June 2024, First Resources Corp reported income of $15.4m and spending of $15.4m, spending 100% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $8.9m to $15.4m (+73%), an average of +15% a year. The sharpest change came in the year to June 2021, when income rose by 71%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, First Resources Corp sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within IA. Charities of a similar size with the same main cause include FSG Inc ($15.3m), Comunidades Latinas Unidas En Servicio Inc ($15.4m) and Electrical Local No 26 Joint Apprenticeship & Training TR Fund ($15.3m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 16% and program service revenue 83% of the total. Other salaries and wages came to $10.6m. At year end it held assets of $9.0m against liabilities of $3.3m, net assets of $5.7m. It reported 247 employees.