Illinois Business and Economic Development Corporation

Analysis

Illinois Business and Economic Development Corporation is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in October 2016, 10 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 June 2024, Illinois Business and Economic Development Corporation reported income of $7.3m and spending of $6.5m, spending 89% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $1.4m to $7.3m (+422%), an average of +51% a year. The sharpest change came in the year to June 2022, when income rose by 117%. Over the whole period it spent 92% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Illinois Business and Economic Development Corporation sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within IL. Charities of a similar size with the same main cause include Delaware Innovation Space Inc ($7.3m), Mission St Louis ($7.3m) and Bioconnect Iowa ($7.3m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $413k (6.4% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $3.1m against liabilities of $839k, net assets of $2.2m. It reported 20 employees.