Ocean Bay Community Developement Corporation

Analysis

Ocean Bay Community Developement Corporation is a registered charity in United States, based in Arverne, NY. It received its IRS tax-exemption ruling in November 2003, 23 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, Ocean Bay Community Developement Corporation reported income of $1.8m and spending of $1.8m, spending 99% of its income. Across the 5 years on record, from December 2018 to December 2023, income grew from $994k to $1.8m (+85%), an average of +17% a year. The sharpest change came in the year to December 2022, when income rose by 96%. 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, Ocean Bay Community Developement Corporation sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 82nd percentile within NY. Charities of a similar size with the same main cause include New Growth Innovation Network ($1.8m), Greater Dwight Community Investment Corporation ($1.8m) and American Association for Public Opinion Research ($1.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $90k (5.0% of expenses). Other salaries and wages came to $788k. At year end it held assets of $894k against liabilities of $501k, net assets of $393k. It reported 25 employees.