Gainesville Economic Development Corporation

Analysis

Gainesville Economic Development Corporation is a registered charity in United States, based in Gainesville, TX. It received its IRS tax-exemption ruling in October 1999, 27 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 September 2023, Gainesville Economic Development Corporation reported income of $2.7m and spending of $1.0m, leaving 63% of income unspent that year. Across the 5 years on record, from September 2019 to September 2023, income grew from $1.8m to $2.7m (+55%), an average of +12% a year. The sharpest change came in the year to September 2023, when income rose by 43%. Over the whole period it spent 61% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Gainesville Economic Development Corporation sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 91st percentile within TX. Charities of a similar size with the same main cause include Medina County Sheltered Industries Inc ($2.7m), Woodland Financial Partners Inc ($2.7m) and Society of St Vincent de Paul Diocesan Council of Owensboro Inc ($2.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 60% of the total. Compensation of current officers, directors and key employees was $161k (16% of expenses). Other salaries and wages came to $88k. At year end it held assets of $9.6m against liabilities of $370k, net assets of $9.3m.