Southside Redevelopment Corporation

Analysis

Southside Redevelopment Corporation is a registered charity in United States, based in Omaha, NE. It received its IRS tax-exemption ruling in November 2019, 7 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 June 2023, Southside Redevelopment Corporation reported income of $23.9m and spending of $706k, leaving 97% of income unspent that year. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.3m to $23.9m (+1698%), an average of +162% a year. The sharpest change came in the year to June 2022, when income rose by 884%. Over the whole period it spent 5.0% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Southside Redevelopment Corporation sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within NE. Charities of a similar size with the same main cause include Charitable Ventures of Orangecounty Inc ($23.8m), Capital Workforce Partners Inc ($24.0m) and Eastern Kentucky Concentrated Employment Program Inc ($23.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% and program service revenue 0.2% of the total. Compensation of current officers, directors and key employees was $171k (24% of expenses). Other salaries and wages came to $168k. At year end it held assets of $36.4m against liabilities of $755k, net assets of $35.6m. It reported 3 employees.