Chelsea Economic Dvelopment Corporation

Analysis

Chelsea Economic Dvelopment Corporation is a registered charity in United States, based in Atlantic City, NJ. It received its IRS tax-exemption ruling in March 2020, 6 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, Chelsea Economic Dvelopment Corporation reported income of $772k and spending of $756k, spending 98% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $344k to $772k (+125%), an average of +125% a year. The sharpest change came in the year to December 2023, when income rose by 125%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Chelsea Economic Dvelopment Corporation sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 80th percentile within NJ. Charities of a similar size with the same main cause include Kitsap Applied Technologies ($772k), Barracks Row Mainstreet ($773k) and Ocean Park Association ($771k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $241k. At year end it held assets of $59k against liabilities of $32k, net assets of $27k. It reported 15 employees.