1979 Legacy Corp

Analysis

1979 Legacy Corp is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in April 1980, 46 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 June 2023, 1979 Legacy Corp reported income of $552k and spending of $641k, spending 116% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $453k to $552k (+22%), an average of +5.1% a year. The sharpest change came in the year to June 2020, when income rose by 32%. Over the whole period it spent 125% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, 1979 Legacy Corp sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 73rd percentile within CA. Charities of a similar size with the same main cause include Columbus Avenue District Management Association Inc ($552k), Rebuild Johnston Square Neighborhood Organization Inc ($552k) and Lewis County Center for Construcive Resolution and Convers ($551k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 88% of the total. At year end it held assets of $1.3m against liabilities of $5.5m, net assets of -$4.2m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.