Economic Development Growth Enterprises Corporation
Economic Development Growth Enterprises Corporation consistently operates with expenses exceeding revenue in recent years, reporting 0% officer compensation.
EIN: 160874637 · Rome, NY · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $11.0M |
| Total Expenses | $8.3M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $40 |
| Net Assets | $27.3M |
| Transparency Score | 65/100 |
Is Economic Development Growth Enterprises Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Economic Development Growth Enterprises Corporation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Economic Development Growth Enterprises Corporation
Economic Development Growth Enterprises Corporation (EIN: 160874637) is a nonprofit organization based in Rome, NY. The organization reported total revenue of $11.0M and total assets of $50.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Economic Development Growth Enterprises Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Economic Development Growth Enterprises Corporation is a large nonprofit that has been operating for 38 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -4.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $8.2M |
| Total Expenses | $8.3M |
| Surplus / Deficit | $-132,276 |
| Total Assets | $40.6M |
| Total Liabilities | $13.2M |
| Net Assets | $27.3M |
| Operating Margin | -1.6% |
| Debt-to-Asset Ratio | 32.6% |
| Months of Reserves | 58.5 months |
Financial Health Grade: B
In 2023, Economic Development Growth Enterprises Corporation reported a deficit of $132K with expenses exceeding revenue, holds 58.5 months of operating reserves (strong position), has a debt-to-asset ratio of 32.6% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Economic Development Growth Enterprises Corporation's revenue has declined at a compound annual growth rate (CAGR) of -4.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +37.9% | +38.9% | +0.4% |
| 2022 | +62.2% | +59.1% | +11.3% |
| 2021 | -61.0% | -32.7% | -2.4% |
| 2020 | -44.1% | -26.0% | +13.1% |
| 2019 | +69.4% | -24.4% | -36.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1988 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Economic Development Growth Enterprises Corporation with a Mission Score of 65 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Economic Development Growth Enterprises Corporation allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $132K, with expenses exceeding revenue.
- Debt-to-asset ratio: 32.6%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, which is highly unusual for an entity with over $40 million in assets and significant operational expenses. This raises questions about how executive leadership is compensated, as it's unlikely they are entirely volunteer, impacting transparency.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Economic Development Growth Enterprises Corporation's IRS 990 filings:
- Consistent reporting of 0% officer compensation, which lacks transparency regarding executive remuneration for an organization of this size.
- Frequent instances of expenses exceeding revenue in recent years (e.g., 2023, 2022, 2021), which could indicate operational deficits or reliance on reserves.
- Significant fluctuations in annual revenue, indicating potential instability in funding sources or a highly project-dependent model.
- High liabilities relative to assets in some periods (e.g., $25.6M liabilities vs. $51.6M assets in 2018), suggesting substantial debt or financial obligations.
Strengths
The following positive indicators were identified for Economic Development Growth Enterprises Corporation:
- Substantial asset base, with assets consistently over $30 million and reaching $40.5 million in 2023, indicating significant resources.
- Long filing history (13 filings), suggesting established operations and compliance with IRS reporting requirements.
- Demonstrated ability to manage and deploy significant capital for economic development initiatives, as evidenced by large revenue and expense figures in peak years.
Frequently Asked Questions about Economic Development Growth Enterprises Corporation
Is Economic Development Growth Enterprises Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Economic Development Growth Enterprises Corporation (EIN: 160874637) some concerns. Mission Score: 65/100. 4 red flags identified, 3 strengths noted.
How does Economic Development Growth Enterprises Corporation spend its money?
Economic Development Growth Enterprises Corporation directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Economic Development Growth Enterprises Corporation tax-deductible?
Economic Development Growth Enterprises Corporation is registered as a tax-exempt nonprofit (EIN: 160874637). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Economic Development Growth Enterprises Corporation CEO make?
Economic Development Growth Enterprises Corporation's highest-compensated officer earns $40 annually. The organization reported $11.0M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Economic Development Growth Enterprises Corporation's spending goes to programs?
Economic Development Growth Enterprises Corporation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Economic Development Growth Enterprises Corporation located?
Economic Development Growth Enterprises Corporation is headquartered in Rome, New York and files with the IRS under EIN 160874637.
How many years of IRS 990 filings does Economic Development Growth Enterprises Corporation have?
Economic Development Growth Enterprises Corporation has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $11.0M in total revenue.
How are executive leaders compensated if officer compensation is consistently reported as 0%?
The consistent reporting of 0% officer compensation across all filings suggests that executive compensation may be categorized differently on the 990, or that leadership is entirely volunteer. This warrants further investigation to understand the full compensation structure.
What is the reason for the frequent instances of expenses exceeding revenue, particularly in recent years (e.g., 2023, 2022)?
The pattern of expenses exceeding revenue could indicate strategic investments, timing differences in grant disbursements, or a reliance on prior year surpluses. A deeper dive into the organization's financial statements would be needed to understand the specific causes and sustainability of this trend.
What is the nature of the significant liabilities, which reached $25.6 million in 2018 and remain at $13.2 million in 2023?
Significant liabilities could be related to long-term debt, bonds issued for economic development projects, or specific project financing. Understanding the terms and nature of these liabilities is crucial for assessing financial risk.
What caused the substantial fluctuations in annual revenue, ranging from $35.3 million in 2016 to $3.6 million in 2021?
Such wide swings in revenue suggest a project-based funding model, reliance on large, infrequent grants, or significant changes in economic development initiatives. This volatility can impact long-term financial planning and stability.
Filing History
IRS 990 filing history for Economic Development Growth Enterprises Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Economic Development Growth Enterprises Corporation's revenue has declined by 40%, moving from $13.7M to $8.2M. Total assets increased by 6.4% over the same period, from $38.1M to $40.6M. Total functional expenses fell by 29.9%, from $11.9M to $8.3M. In its most recent filing year (2023), Economic Development Growth Enterprises Corporation reported a deficit of $132K, with expenses exceeding revenue. The organization holds $13.2M in liabilities against $40.6M in assets (debt-to-asset ratio: 32.6%), resulting in net assets of $27.3M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $8.2M | $8.3M | $40.6M | $13.2M | — | View 990 |
| 2022 | $5.9M | $6.0M | $40.4M | $12.9M | — | View 990 |
| 2021 | $3.7M | $3.8M | $36.3M | $8.8M | — | View 990 |
| 2020 | $9.4M | $5.6M | $37.2M | $9.8M | — | — |
| 2019 | $16.8M | $7.6M | $32.9M | $9.6M | — | View 990 |
| 2018 | $9.9M | $10.0M | $51.7M | $25.6M | — | View 990 |
| 2017 | $31.5M | $32.6M | $50.3M | $24.2M | — | View 990 |
| 2016 | $35.3M | $35.9M | $43.5M | $16.0M | — | View 990 |
| 2015 | $14.0M | $14.2M | $34.9M | $6.4M | — | View 990 |
| 2014 | $7.8M | $7.5M | $35.4M | $6.7M | — | View 990 |
| 2013 | $4.3M | $4.6M | $32.7M | $4.3M | — | View 990 |
| 2012 | $8.3M | $6.9M | $36.3M | $7.5M | — | View 990 |
| 2011 | $13.7M | $11.9M | $38.1M | $10.8M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $8.2M, expenses of $8.3M, and assets of $40.6M (revenue +37.9% year-over-year).
- 2022: Revenue of $5.9M, expenses of $6.0M, and assets of $40.4M (revenue +62.2% year-over-year).
- 2021: Revenue of $3.7M, expenses of $3.8M, and assets of $36.3M (revenue -61.0% year-over-year).
- 2020: Revenue of $9.4M, expenses of $5.6M, and assets of $37.2M (revenue -44.1% year-over-year).
- 2019: Revenue of $16.8M, expenses of $7.6M, and assets of $32.9M (revenue +69.4% year-over-year).
- 2018: Revenue of $9.9M, expenses of $10.0M, and assets of $51.7M (revenue -68.4% year-over-year).
- 2017: Revenue of $31.5M, expenses of $32.6M, and assets of $50.3M (revenue -10.9% year-over-year).
- 2016: Revenue of $35.3M, expenses of $35.9M, and assets of $43.5M (revenue +152.6% year-over-year).
- 2015: Revenue of $14.0M, expenses of $14.2M, and assets of $34.9M (revenue +78.1% year-over-year).
- 2014: Revenue of $7.8M, expenses of $7.5M, and assets of $35.4M (revenue +83.2% year-over-year).
- 2013: Revenue of $4.3M, expenses of $4.6M, and assets of $32.7M (revenue -48.5% year-over-year).
- 2012: Revenue of $8.3M, expenses of $6.9M, and assets of $36.3M (revenue -39.1% year-over-year).
- 2011: Revenue of $13.7M, expenses of $11.9M, and assets of $38.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Economic Development Growth Enterprises Corporation:
Data Sources and Methodology
This transparency report for Economic Development Growth Enterprises Corporation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.