Mount Olive Development Corporation

Analysis

Mount Olive Development Corporation is a registered charity in United States, based in Fort Lauderdale, FL. It received its IRS tax-exemption ruling in August 1995, 31 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, Mount Olive Development Corporation reported income of $860k and spending of $864k, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $755k to $860k (+14%), an average of +3.3% a year. Over the whole period it spent 105% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Mount Olive Development Corporation sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 80th percentile within FL. Charities of a similar size with the same main cause include Citizens Opportunity for Development & Equality Inc ($859k), Sb7 Coalition Inc ($860k) and Knox New Hope Industries Inc ($859k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 82% and program service revenue 9.8% of the total. Compensation of current officers, directors and key employees was $410k (47% of expenses). At year end it held assets of $1.7m against liabilities of $596k, net assets of $1.1m. It reported 13 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.