Eastern Market Development Corporation

Analysis

Eastern Market Development Corporation is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in August 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Eastern Market Development Corporation reported income of $347k and spending of $306k, spending 88% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.4m to $347k (-75%), an average of -30% a year. The sharpest change came in the year to December 2022, when income dropped by 52%. Over the whole period it spent 60% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Eastern Market Development Corporation sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 64th percentile within MI. Charities of a similar size with the same main cause include Model Alliance ($347k), Marshall County Retired Senior Volunteer Program Incorporated ($347k) and Omro Area Community Center ($347k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 82% of the total. At year end it held assets of $2.5m against liabilities of $755k, net assets of $1.7m.