Wharton Economic Development Corp

Analysis

Wharton Economic Development Corp is a registered charity in United States, based in Wharton, TX. It received its IRS tax-exemption ruling in November 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 September 2023, Wharton Economic Development Corp reported income of $1.1m and spending of $1.0m, spending 98% of its income. Across the 5 years on record, from September 2019 to September 2023, income fell from $1.4m to $1.1m (-25%), an average of -6.8% a year. The sharpest change came in the year to September 2020, when income dropped by 30%. Over the whole period it spent 262% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Wharton Economic Development Corp sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 84th percentile within TX. Charities of a similar size with the same main cause include Western North Carolina Workers Center ($1.1m), South Peoria Neighborhod ($1.1m) and Healthteamworks ($1.1m).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 95% of the total. Compensation of current officers, directors and key employees was $97k (9.3% of expenses). Other salaries and wages came to $56k. At year end it held assets of $1.8m against liabilities of $9.3m, net assets of -$7.5m. It reported 3 employees.