Greater Reading Chamber and Economic Development Corporation

Analysis

Greater Reading Chamber and Economic Development Corporation is a registered charity in United States, based in Reading, PA. It received its IRS tax-exemption ruling in December 2017, 9 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, Greater Reading Chamber and Economic Development Corporation reported income of $3.0m and spending of $3.1m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.8m to $3.0m (-20%), an average of -5.3% a year. The sharpest change came in the year to December 2021, when income dropped by 23%. Over the whole period it spent 93% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Greater Reading Chamber and Economic Development Corporation sits at the 89th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 88th percentile within PA. Charities of a similar size with the same main cause include Thread Capital ($3.0m), Access Inc ($3.0m) and Spedd Inc ($3.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 30% and program service revenue 65% of the total. Compensation of current officers, directors and key employees was $323k (10% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $2.6m against liabilities of $287k, net assets of $2.3m. It reported 22 employees.