MLK Avenue Redevelopment Corporation

Analysis

MLK Avenue Redevelopment Corporation is a registered charity in United States, based in Mobile, AL. It received its IRS tax-exemption ruling in June 1993, 33 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 December 2023, MLK Avenue Redevelopment Corporation reported income of $292k and spending of $417k, spending 143% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $423k to $292k (-31%), an average of -8.8% a year. The sharpest change came in the year to December 2023, when income rose by 878%. Over the whole period it spent 518% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, MLK Avenue Redevelopment Corporation sits at the 58th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 63rd percentile within AL. Charities of a similar size with the same main cause include Pride of Kinston Inc ($292k), Southwest Educational Partners for Training ($293k) and Universal Public Procurement Certification Council ($292k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 55% and program service revenue 45% of the total. Compensation of current officers, directors and key employees was $90k (22% of expenses). At year end it held assets of $939k against liabilities of $77k, net assets of $861k. It reported 1 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.