Economic Development Corporation of Los Angeles

Analysis

Economic Development Corporation of Los Angeles is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in February 1982, 44 years ago. 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, Economic Development Corporation of Los Angeles reported income of $5.8m and spending of $7.9m, spending 135% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $7.3m to $5.8m (-20%), an average of -7.1% a year. The sharpest change came in the year to June 2023, when income dropped by 38%. Over the whole period it spent 101% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Economic Development Corporation of Los Angeles sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within CA. Charities of a similar size with the same main cause include Milwaukee Public Museum Endowment F Und ($5.8m), Hope of the World Inc ($5.8m) and Rio Grande Valley Livestock Show Inc ($5.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 53% and program service revenue 49% of the total. Compensation of current officers, directors and key employees was $1.3m (17% of expenses). Other salaries and wages came to $2.3m. At year end it held assets of $33.3m against liabilities of $5.9m, net assets of $27.5m. It reported 32 employees.