National Institute of Minority Economic Development

Analysis

National Institute of Minority Economic Development is a registered charity in United States, based in Durham, NC. It received its IRS tax-exemption ruling in June 1988, 38 years ago. 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 December 2023, National Institute of Minority Economic Development reported income of $12.2m and spending of $7.8m, leaving 36% of income unspent that year. Across the 6 years on record, from June 2019 to December 2023, income grew from $1.4m to $12.2m (+784%), an average of +55% a year. The sharpest change came in the year to December 2021, when income rose by 225%. Over the whole period it spent 82% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, National Institute of Minority Economic Development sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within NC. Charities of a similar size with the same main cause include Allegheny Conference on Community Development ($12.2m), Gordon School ($12.2m) and Allen College ($12.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 76% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $499k (6.4% of expenses). Other salaries and wages came to $2.4m. At year end it held assets of $18.8m against liabilities of $4.3m, net assets of $14.5m. It reported 57 employees.