Parking Facilities Corporation

Analysis

Parking Facilities Corporation is a registered charity in United States, based in New Orleans, LA. It received its IRS tax-exemption ruling in September 2001, 25 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 supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Parking Facilities Corporation reported income of $20.6m and spending of $22.0m, spending 107% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $12.9m to $20.6m (+59%), an average of +12% a year. The sharpest change came in the year to December 2021, when income rose by 74%. Over the whole period it spent 118% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Parking Facilities Corporation sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within LA. Charities of a similar size with the same main cause include Vocational Improvement Program Inc ($20.6m), Mid-Market Foundation ($20.7m) and Chautauqua Opportunities Inc ($20.4m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 97% of the total. At year end it held assets of $98.5m against liabilities of $118.3m, net assets of -$19.8m.

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.