Erie Downtown Development Corporation

Analysis

Erie Downtown Development Corporation is a registered charity in United States, based in Erie, PA. It received its IRS tax-exemption ruling in July 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, Erie Downtown Development Corporation reported income of $1.6m and spending of $2.6m, spending 167% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $633k to $1.6m (+148%), an average of +26% a year. The sharpest change came in the year to December 2020, when income rose by 176%. Over the whole period it spent 139% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Erie Downtown Development Corporation sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 82nd percentile within PA. Charities of a similar size with the same main cause include Denver Plumbers JT Apprenticeship and Journeyman Committee ($1.6m), Greater Michigan Ua Local 190 Joint Training Committee ($1.6m) and Inland Futures Foundation of the San Bernardino Community College ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 31% and program service revenue 49% of the total. Compensation of current officers, directors and key employees was $559k (21% of expenses). Other salaries and wages came to $509k. At year end it held assets of $5.0m against liabilities of $5.4m, net assets of -$402k. It reported 35 employees.