Cumberland Economic Development Corporation

Analysis

Cumberland Economic Development Corporation is a registered charity in United States, based in Cumberland, MD. It received its IRS tax-exemption ruling in October 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 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 June 2024, Cumberland Economic Development Corporation reported income of $1.7m and spending of $1.8m, spending 110% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $396k to $1.7m (+321%), an average of +43% a year. The sharpest change came in the year to June 2023, when income rose by 340%. Over the whole period it spent 58% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Cumberland Economic Development Corporation sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within MD. Charities of a similar size with the same main cause include Sabre Finance ($1.7m), North River Commission ($1.7m) and Community Farm Alliance Inc ($1.7m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 95% of the total. Other salaries and wages came to $228k. At year end it held assets of $1.6m against liabilities of $102k, net assets of $1.5m.