Charleston Redevelopment Corporation

Analysis

Charleston Redevelopment Corporation is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in January 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Charleston Redevelopment Corporation reported income of $3.5m and spending of $1.3m, leaving 62% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.5m to $3.5m (+2.5%), an average of +0.6% a year. The sharpest change came in the year to December 2021, when income rose by 265%. Over the whole period it spent 28% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Charleston Redevelopment Corporation 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 90th percentile, and in the 92nd percentile within SC. Charities of a similar size with the same main cause include The Enterprise Center Community Development Corporation ($3.5m), Sunshine Industries Inc ($3.5m) and Fox Valley Workforce Development Board Inc ($3.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 75% and program service revenue 24% of the total. Compensation of current officers, directors and key employees was $85k (6.4% of expenses). Other salaries and wages came to $78k. At year end it held assets of $19.7m against liabilities of $6.7m, net assets of $13.0m. It reported 1 employees.