Economic Development Unit Inc

Analysis

Economic Development Unit Inc is a registered charity in United States, based in New Orleans, LA. It received its IRS tax-exemption ruling in September 1984, 42 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 (gross receipts test) under section 501(c)(3).

In the financial year ending December 2023, Economic Development Unit Inc reported income of $232k and spending of $174k, leaving 25% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $160k to $232k (+45%), an average of +9.8% a year. The sharpest change came in the year to December 2022, when income rose by 33%. Over the whole period it spent 90% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Economic Development Unit Inc sits at the 54th percentile: it is larger than about 54% of them. Against every charity in United States with reported income it ranks in the 57th percentile, and in the 56th percentile within LA. Charities of a similar size with the same main cause include Monroe County Il Economic Development Corporation ($232k), White Plains Beautification Foundation Inc ($232k) and Tri-City Collective Inc ($232k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 6.2% of the total. Compensation of current officers, directors and key employees was $137k (79% of expenses). At year end it held assets of $255k against liabilities of $403k, net assets of -$148k. It reported 1 employees.