Franklin-Southampton Economic Development Inc

Analysis

Franklin-Southampton Economic Development Inc is a registered charity in United States, based in Franklin, VA. It received its IRS tax-exemption ruling in November 2007, 19 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, Franklin-Southampton Economic Development Inc reported income of $389k and spending of $451k, spending 116% of what it took in. Across the 4 years on record, from June 2019 to June 2023, income fell from $446k to $389k (-13%), an average of -4.5% a year. The sharpest change came in the year to June 2021, when income rose by 58%. Over the whole period it spent 103% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Franklin-Southampton Economic Development Inc sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 66th percentile within VA. Charities of a similar size with the same main cause include South Bank Partners Inc ($389k), Community Foundation of Ellis ($389k) and Helps Community Initiatives Inc ($389k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 97% of the total. Compensation of current officers, directors and key employees was $85k (19% of expenses). Other salaries and wages came to $123k. At year end it held assets of $1.2m against liabilities of $14k, net assets of $1.2m. It reported 4 employees.