Chalmers Center for Economic Development at Covenant College

Analysis

Chalmers Center for Economic Development at Covenant College is a registered charity in United States, based in Chattanooga, TN. It received its IRS tax-exemption ruling in August 2010, 16 years ago. Its declared purposes cover international, foreign affairs and national security, which this site groups under overseas aid and international. 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, Chalmers Center for Economic Development at Covenant College reported income of $2.7m and spending of $3.1m, spending 117% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $2.9m to $2.7m (-8.9%), an average of -2.3% a year. The sharpest change came in the year to June 2020, when income dropped by 16%. Over the whole period it spent 107% of the income it received.

Among 10,317 United States charities whose main cause is overseas aid and international and that reported income, Chalmers Center for Economic Development at Covenant College sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 89th percentile within TN. Charities of a similar size with the same main cause include Weeks Educational and Social Advocacy Project ($2.7m), Sozo Children International ($2.7m) and Help One Now ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 87% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $245k (7.9% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $287k against liabilities of $156k, net assets of $132k. It reported 25 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.