Economic Development & Financing Corporation

Analysis

Economic Development & Financing Corporation is a registered charity in United States, based in Ukiah, CA. It received its IRS tax-exemption ruling in June 1995, 31 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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, Economic Development & Financing Corporation reported income of $1.1m and spending of $470k, leaving 57% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $721k to $1.1m (+51%), an average of +11% a year. The sharpest change came in the year to June 2022, when income rose by 70%. Over the whole period it spent 34% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Economic Development & Financing Corporation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 81st percentile within CA. Charities of a similar size with the same main cause include Colorado Springs Conservatory Foundation ($1.1m), Anchorage Symphony Orchestra ($1.1m) and Cornerstone Mandarin Center ($1.1m).

On its Form 990 for the period ending June 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 $207k (44% of expenses). At year end it held assets of $6.2m against liabilities of $1.8m, net assets of $4.5m. It reported 5 employees.