Downtown Ithaca Local Development Corporation

Analysis

Downtown Ithaca Local Development Corporation is a registered charity in United States, based in Ithaca, NY. It received its IRS tax-exemption ruling in April 2021, 5 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Downtown Ithaca Local Development Corporation reported income of $1.5m and spending of $451k, leaving 70% of income unspent that year. Across the 3 years on record, from December 2021 to December 2023, income grew from $287k to $1.5m (+431%), an average of +130% a year. The sharpest change came in the year to December 2022, when income rose by 778%. Over the whole period it spent 14% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Downtown Ithaca Local Development Corporation sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 80th percentile within NY. Charities of a similar size with the same main cause include Oak Mountain Mission Ministries Inc ($1.5m), Samuels House Inc ($1.5m) and Drop-In Center Inc ($1.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% of the total. Compensation of current officers, directors and key employees was $76k (17% of expenses). Other salaries and wages came to $17k. At year end it held assets of $3.8m against liabilities of $132k, net assets of $3.7m.