Velocity Entreprenurial Drive

Analysis

Velocity Entreprenurial Drive is a registered charity in United States, based in El Dorado Hills, CA. It received its IRS tax-exemption ruling in September 2008, 18 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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 December 2023, Velocity Entreprenurial Drive reported income of $240k and spending of $240k, spending 100% of its income. Across the 3 years on record, from December 2019 to December 2023, income fell from $262k to $240k (-8.4%), an average of -4.3% a year. Over the whole period it spent 101% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Velocity Entreprenurial Drive sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 57th percentile, and in the 60th percentile within CA. Charities of a similar size with the same main cause include St Petes Endowment Fund Inc ($240k), Outback Resource Opportunities Inc ($240k) and United Community Services for Working Families ($240k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $168k. At year end it held assets of $113 against liabilities of $0, net assets of $113. It reported 2 employees.

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.