Destination Medical Center Economic Development Agency

Analysis

Destination Medical Center Economic Development Agency is a registered charity in United States, based in Rochester, MN. It received its IRS tax-exemption ruling in June 2015, 11 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 supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Destination Medical Center Economic Development Agency reported income of $5.0m and spending of $4.9m, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.7m to $5.0m (+85%), an average of +17% a year. The sharpest change came in the year to December 2023, when income rose by 116%. 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, Destination Medical Center Economic Development Agency sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 91st percentile within MN. Charities of a similar size with the same main cause include Star Center Inc ($5.0m), Steelworkers Charitable and Educational Organization ($5.0m) and National Digital Inclusion Alliance ($5.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 3.8% of the total. Compensation of current officers, directors and key employees was $304k (6.2% of expenses). Other salaries and wages came to $875k. At year end it held assets of $960k against liabilities of $714k, net assets of $246k. It reported 12 employees.