Advance Albany County Alliance Local Development Corporation

Analysis

Advance Albany County Alliance Local Development Corporation is a registered charity in United States, based in Albany, NY. It received its IRS tax-exemption ruling in December 2021, 5 years ago. Its declared purposes cover employment, 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, Advance Albany County Alliance Local Development Corporation reported income of $1.1m and spending of $899k, spending 81% of its income. Across the 4 years on record, from December 2020 to December 2023, income grew from $1.0m to $1.1m (+11%), an average of +3.5% a year. The sharpest change came in the year to December 2022, when income rose by 500%. 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, Advance Albany County Alliance Local Development Corporation sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 77th percentile within NY. Charities of a similar size with the same main cause include Hed Group Inc ($1.1m), Victus Puerto Rico Inc ($1.1m) and Los Angeles Chargers Charities ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 45% and program service revenue 50% of the total. Compensation of current officers, directors and key employees was $228k (25% of expenses). Other salaries and wages came to $223k. At year end it held assets of $1.2m against liabilities of $351k, net assets of $819k. It reported 7 employees.