Austin Economic Development Cor

Analysis

Austin Economic Development Cor is a registered charity in United States, based in Austin, TX. It received its IRS tax-exemption ruling in March 2023, 3 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 September 2023, Austin Economic Development Cor reported income of $2.1m and spending of $1.5m, leaving 28% of income unspent that year. Across the 2 years on record, from September 2022 to September 2023, income grew from $811k to $2.1m (+157%), an average of +157% a year. The sharpest change came in the year to September 2023, when income rose by 157%. Over the whole period it spent 80% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Austin Economic Development Cor sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 89th percentile within TX. Charities of a similar size with the same main cause include Scott County Partnership Inc ($2.1m), Northwest Native Chamber ($2.1m) and Black Leaders Detroit ($2.1m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $541k (36% of expenses). Other salaries and wages came to $38k. At year end it held assets of $3.4m against liabilities of $2.8m, net assets of $583k. It reported 3 employees.