Mitchell Area Development Corporation

Analysis

Mitchell Area Development Corporation is a registered charity in United States, based in Mitchell, SD. It received its IRS tax-exemption ruling in June 1988, 38 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 September 2023, Mitchell Area Development Corporation reported income of $446k and spending of $485k, spending 109% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $400k to $446k (+11%), an average of +2.7% a year. The sharpest change came in the year to September 2021, when income rose by 117%. Over the whole period it spent 114% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Mitchell Area Development Corporation sits at the 65th percentile: it is larger than about 65% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 68th percentile within SD. Charities of a similar size with the same main cause include Downtown Lees Summit Main Street Inc ($446k), Deanwood Heights Main Streets Incorporated ($446k) and Path to Jobs Inc ($446k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 90% of the total. Compensation of current officers, directors and key employees was $300k (62% of expenses). At year end it held assets of $5.3m against liabilities of $1.3m, net assets of $4.0m.