Virginia Beach Billfish Tournament LLC

Analysis

Virginia Beach Billfish Tournament LLC is a registered charity in United States, based in Virginia BCH, VA. It received its IRS tax-exemption ruling in November 2011, 15 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Virginia Beach Billfish Tournament LLC reported income of $1.1m and spending of $1.1m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $880k to $1.1m (+25%), an average of +5.7% a year. Over the whole period it spent 104% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Virginia Beach Billfish Tournament LLC sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 80th percentile within VA. Charities of a similar size with the same main cause include Texas State History Museum Foundation ($1.1m), Lebanon Community Hospital Foundation Inc ($1.1m) and Central Maine Community Health Corporation ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 25% and program service revenue 102% of the total. Compensation of current officers, directors and key employees was $25k (2.2% of expenses). Other salaries and wages came to $23k. At year end it held assets of $75k against liabilities of $0, net assets of $75k. 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.