City of Baltimore Development Corporation

Analysis

City of Baltimore Development Corporation is a registered charity in United States, based in Baltimore, MD. It received its IRS tax-exemption ruling in January 1992, 34 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, City of Baltimore Development Corporation reported income of $6.0m and spending of $11.5m, spending 191% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $9.9m to $6.0m (-39%), an average of -12% a year. The sharpest change came in the year to June 2021, when income rose by 51%. Over the whole period it spent 145% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, City of Baltimore Development Corporation sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MD. Charities of a similar size with the same main cause include Trinity Park Conservancy ($6.0m), Oregon Manufacturing Extension Partnership Inc ($6.0m) and Ampac Tri-State CDC Inc ($6.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 73% and program service revenue 26% of the total. Compensation of current officers, directors and key employees was $846k (7.4% of expenses). Other salaries and wages came to $2.5m. At year end it held assets of $29.0m against liabilities of $39.4m, net assets of -$10.4m. It reported 56 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.