Martinsvill-Henry County Economic Development Corporation

Analysis

Martinsvill-Henry County Economic Development Corporation is a registered charity in United States, based in Martinsville, VA. It received its IRS tax-exemption ruling in September 2008, 18 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 2024, Martinsvill-Henry County Economic Development Corporation reported income of $2.0m and spending of $2.1m, spending 110% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income fell from $2.5m to $2.0m (-21%), an average of -4.6% a year. The sharpest change came in the year to June 2022, when income dropped by 24%. Over the whole period it spent 105% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Martinsvill-Henry County Economic Development Corporation sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 86th percentile within VA. Charities of a similar size with the same main cause include Lake Merritt-Uptown District Association ($2.0m), Able-Services Inc ($2.0m) and Soil Born Farm Urban Agriculture Project ($2.0m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 94% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $321k (15% of expenses). Other salaries and wages came to $454k. At year end it held assets of $6.4m against liabilities of $1.0m, net assets of $5.4m.

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.