Valdese Economic Development Investment Corporation

Analysis

Valdese Economic Development Investment Corporation is a registered charity in United States, based in Valdese, NC. It received its IRS tax-exemption ruling in July 2012, 14 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, Valdese Economic Development Investment Corporation reported income of $288k and spending of $199k, leaving 31% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income fell from $306k to $288k (-5.8%), an average of -1.5% a year. The sharpest change came in the year to June 2022, when income dropped by 16%. Over the whole period it spent 62% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Valdese Economic Development Investment Corporation sits at the 58th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 59th percentile within NC. Charities of a similar size with the same main cause include Keep Olney Beautiful ($288k), Stark County Manufacturing Workforce Development Partnership ($289k) and Greater Louisville Foundation Inc ($288k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 48% and program service revenue 3.2% of the total. Other salaries and wages came to $104k. At year end it held assets of $3.4m against liabilities of $2.1m, net assets of $1.3m. It reported 3 employees.