Wake Forest Innovation Quarter Management Co

Analysis

Wake Forest Innovation Quarter Management Co is a registered charity in United States, based in Winstonsalem, NC. It received its IRS tax-exemption ruling in March 2009, 17 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 supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Wake Forest Innovation Quarter Management Co reported income of $69k and spending of $3.0m, spending 4302% of what it took in. Across the 6 years on record, from June 2019 to December 2023, income grew from $1,000 to $69k (+6771%), an average of +133% a year. The sharpest change came in the year to June 2020, when income dropped by 100%. Over the whole period it spent 6131% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Wake Forest Innovation Quarter Management Co sits at the 27th percentile: it is larger than about 27% of them. Against every charity in United States with reported income it ranks in the 27th percentile, and in the 25th percentile within NC. Charities of a similar size with the same main cause include The Rancho de Los Penasquitos Town Council Inc ($69k), Binford Redvelopment & Growth Inc ($69k) and Dougherty County Community Coalition Inc ($69k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $809k. At year end it held assets of $88k against liabilities of $24.8m, net assets of -$24.8m.

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.