Alleghany Highlands Economic Development Corporation

Analysis

Alleghany Highlands Economic Development Corporation is a registered charity in United States, based in Covington, VA. It received its IRS tax-exemption ruling in November 2002, 24 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, Alleghany Highlands Economic Development Corporation reported income of $239k and spending of $200k, spending 84% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $513k to $239k (-53%), an average of -17% a year. The sharpest change came in the year to June 2021, when income dropped by 34%. Over the whole period it spent 90% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Alleghany Highlands Economic Development Corporation sits at the 54th percentile: it is larger than about 54% of them. Against every charity in United States with reported income it ranks in the 57th percentile, and in the 57th percentile within VA. Charities of a similar size with the same main cause include Mental Health America of Fredericksburg Inc ($239k), Building Community Value ($239k) and BBB of Central Arizona Foundation ($239k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% of the total. Other salaries and wages came to $60k. At year end it held assets of $317k against liabilities of $22k, net assets of $295k.