Fortworth Medtech Center Inc

Analysis

Fortworth Medtech Center Inc is a registered charity in United States, based in Fort Worth, TX. It received its IRS tax-exemption ruling in July 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 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, Fortworth Medtech Center Inc reported income of $826k and spending of $633k, leaving 23% of income unspent that year. Across the 6 years on record, from December 2018 to December 2023, income grew from $469k to $826k (+76%), an average of +12% a year. The sharpest change came in the year to December 2023, when income rose by 62%. Over the whole period it spent 96% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Fortworth Medtech Center Inc sits at the 75th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 81st percentile within TX. Charities of a similar size with the same main cause include Economic Development Corporation of Wayne County Indiana ($826k), Kauluakalana ($826k) and Hawaii Alliance of Nonprofit Organizations ($825k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 53% and program service revenue 47% of the total. Compensation of current officers, directors and key employees was $33k (5.2% of expenses). Other salaries and wages came to $276k. At year end it held assets of $2.2m against liabilities of $213k, net assets of $2.0m. It reported 5 employees.