Friends of the Riverfront Inc

Analysis

Friends of the Riverfront Inc is a registered charity in United States, based in Pittsburgh, PA. It received its IRS tax-exemption ruling in July 1991, 35 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, Friends of the Riverfront Inc reported income of $1.6m and spending of $1.5m, spending 94% of its income. Across the 6 years on record, from June 2019 to June 2024, income grew from $326k to $1.6m (+406%), an average of +38% a year. The sharpest change came in the year to June 2020, when income rose by 88%. Over the whole period it spent 84% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Friends of the Riverfront Inc sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within PA. Charities of a similar size with the same main cause include Cultureworks Greater Philadelphia Inc ($1.6m), Kings Care Foundation ($1.6m) and Northeastern South Dakota Health Plan ($1.6m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 93% and program service revenue 6.8% of the total. Compensation of current officers, directors and key employees was $110k (7.2% of expenses). Other salaries and wages came to $476k. At year end it held assets of $1.2m against liabilities of $142k, net assets of $1.0m. It reported 13 employees.