First City of Lights Foundation

Analysis

First City of Lights Foundation is a registered charity in United States, based in Bemidji, MN. It received its IRS tax-exemption ruling in May 2022, 4 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, First City of Lights Foundation reported income of $93k and spending of $57k, leaving 39% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $49k to $93k (+90%), an average of +90% a year. The sharpest change came in the year to December 2023, when income rose by 90%. Over the whole period it spent 72% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, First City of Lights Foundation sits at the 34th percentile: it is larger than about 34% of them. Against every charity in United States with reported income it ranks in the 35th percentile, and in the 32nd percentile within MN. Charities of a similar size with the same main cause include Friends of the Fremont County Fair ($93k), Federation of Korean American Associations of NW States USA ($93k) and Dignity Works Here Inc ($93k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 96% and program service revenue 4.3% of the total. At year end it held assets of $58k against liabilities of $0, net assets of $58k.