Phoenix Economic Development Corporation

Analysis

Phoenix Economic Development Corporation is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in February 2013, 13 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 2022, Phoenix Economic Development Corporation reported income of $69k and spending of $96k, spending 139% of what it took in. Across the 3 years on record, from December 2019 to December 2022, income grew from $15k to $69k (+360%), an average of +114% a year. The sharpest change came in the year to December 2021, when income rose by 351%. Over the whole period it spent 142% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Phoenix Economic Development Corporation sits at the 27th percentile: it is larger than about 27% of them. Against every charity in United States with reported income it ranks in the 27th percentile, and in the 31st percentile within FL. Charities of a similar size with the same main cause include International Raoul Wallenberg Foundation Inc ($69k), Kiwanis Club No 1 Foundation of Detroit Inc ($69k) and Colfax Main Street Inc ($69k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 100% of the total. At year end it held assets of $517k against liabilities of $664k, net assets of -$148k.