The Center for Kentucky Rural Economic Development Inc

Analysis

The Center for Kentucky Rural Economic Development Inc is a registered charity in United States, based in Somerset, KY. It received its IRS tax-exemption ruling in March 1996, 30 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, The Center for Kentucky Rural Economic Development Inc reported income of $8.3m and spending of $9.0m, spending 109% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.9m to $8.3m (+20%), an average of +4.7% a year. The sharpest change came in the year to June 2020, when income rose by 439%. Over the whole period it spent 52% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, The Center for Kentucky Rural Economic Development Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within KY. Charities of a similar size with the same main cause include Willamette Workforce Partnership ($8.3m), Rochesterworks Inc ($8.3m) and Southwest Oklahoma Community Action Group Inc ($8.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 70% and program service revenue 12% of the total. Other salaries and wages came to $1.6m. At year end it held assets of $53.1m against liabilities of $2.9m, net assets of $50.3m. It reported 40 employees.