Wilmington Economic Development Corporation

Analysis

Wilmington Economic Development Corporation is a registered charity in United States, based in Wilmington, DE. It received its IRS tax-exemption ruling in May 1980, 46 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 2023, Wilmington Economic Development Corporation reported income of $1.3m and spending of $143k, leaving 89% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $71k to $1.3m (+1749%), an average of +107% a year. The sharpest change came in the year to June 2023, when income rose by 292%. Over the whole period it spent 31% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Wilmington Economic Development Corporation sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 79th percentile within DE. Charities of a similar size with the same main cause include Passyunk Avenue Revitalization Corporation ($1.3m), Northern Mechanical and Iron Range Plumbing & Pipefitting Jac 11 & 58 ($1.3m) and Cook Inlet Counseling Inc ($1.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 90% and program service revenue 5.1% of the total. Other salaries and wages came to $82k. At year end it held assets of $2.9m against liabilities of $1.5m, net assets of $1.4m.