Lexington Center Corporation

Analysis

Lexington Center Corporation is a registered charity in United States, based in Lexington, KY. 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 2023, Lexington Center Corporation reported income of $51.7m and spending of $52.5m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $115.6m to $51.7m (-55%), an average of -18% a year. The sharpest change came in the year to June 2022, when income rose by 110%. Over the whole period it spent 77% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Lexington Center Corporation sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 98th percentile within KY. Charities of a similar size with the same main cause include Mosaic Community Services Inc ($51.4m), Housing Works Inc ($51.8m) and Goodwill Industries of Middle Georgia Inc ($51.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 5.6% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $167k (0.3% of expenses). Other salaries and wages came to $7.1m. At year end it held assets of $360.2m against liabilities of $241.1m, net assets of $119.0m. It reported 2 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.