Elevate Ventures Inc

Analysis

Elevate Ventures Inc is a registered charity in United States, based in Indianapolis, IN. It received its IRS tax-exemption ruling in September 2011, 15 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 December 2023, Elevate Ventures Inc reported income of $10.0m and spending of $11.6m, spending 117% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $5.3m to $10.0m (+87%), an average of +17% a year. The sharpest change came in the year to December 2023, when income rose by 53%. Over the whole period it spent 105% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Elevate Ventures Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within IN. Charities of a similar size with the same main cause include Cleveland Development Advisors Community Reinvestment Fund Inc ($9.9m), Los Angeles Black Worker Center ($10.0m) and Great FLS Development Authority Inc ($9.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 14% and program service revenue 84% of the total. Compensation of current officers, directors and key employees was $966k (8.3% of expenses). Other salaries and wages came to $3.6m. At year end it held assets of $12.0m against liabilities of $2.4m, net assets of $9.6m. It reported 34 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.