Hillsboro Economic Development Corporation

Analysis

Hillsboro Economic Development Corporation is a registered charity in United States, based in Hillsboro, ND. It received its IRS tax-exemption ruling in August 2021, 5 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, Hillsboro Economic Development Corporation reported income of $296k and spending of $85k, leaving 71% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $59k to $296k (+402%), an average of +50% a year. The sharpest change came in the year to December 2022, when income rose by 89%. Over the whole period it spent 34% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Hillsboro Economic Development Corporation sits at the 59th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 56th percentile within ND. Charities of a similar size with the same main cause include Junior League of Wichita Inc ($296k), Bellville Turnverein Pavilion Restoration Project ($296k) and Savannah Area Chamber of Commerce Foundation Inc ($296k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 47% of the total. At year end it held assets of $873k against liabilities of $1,923, net assets of $871k. It reported 13 employees.