Towerside Innovation District

Analysis

Towerside Innovation District is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in August 2018, 8 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 supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Towerside Innovation District reported income of $58k and spending of $100k, spending 173% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income fell from $1.2m to $58k (-95%), an average of -78% a year. The sharpest change came in the year to December 2022, when income dropped by 94%. Over the whole period it spent 26% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Towerside Innovation District sits at the 23rd percentile: it is larger than about 23% of them. Against every charity in United States with reported income it ranks in the 23rd percentile, and in the 19th percentile within MN. Charities of a similar size with the same main cause include Western New York Constructioncareer Days Inc ($58k), Keystone Pennsylvania Press Club ($58k) and Franklin Township Civic League Inc ($58k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 31% and program service revenue 35% of the total. At year end it held assets of $1.0m against liabilities of $984k, net assets of $55k.