Kerr-Tar Economic Development Corporation

Analysis

Kerr-Tar Economic Development Corporation is a registered charity in United States, based in Henderson, NC. It received its IRS tax-exemption ruling in August 2006, 20 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, Kerr-Tar Economic Development Corporation reported income of $304k and spending of $394k, spending 130% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income fell from $362k to $304k (-16%), an average of -3.5% a year. The sharpest change came in the year to June 2021, when income rose by 122%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Kerr-Tar Economic Development Corporation sits at the 59th percentile: it is larger than about 59% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 60th percentile within NC. Charities of a similar size with the same main cause include Nickelsville ($303k), Valley Contractors Workforce Foundation ($304k) and West Suburban Chamber of Commerce & Industry Foundation ($303k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 87% of the total. At year end it held assets of $13.0m against liabilities of $5.7m, net assets of $7.4m.

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.