Grace Covenant Child Development Center

Analysis

Grace Covenant Child Development Center is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in June 2019, 7 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 August 2024, Grace Covenant Child Development Center reported income of $1.3m and spending of $1.3m, spending 102% of its income. Across the 6 years on record, from August 2019 to August 2024, income grew from $1.1m to $1.3m (+24%), an average of +4.4% a year. The sharpest change came in the year to August 2021, when income rose by 42%. Over the whole period it spent 92% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Grace Covenant Child Development Center sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within VA. Charities of a similar size with the same main cause include Apni Inc ($1.3m), Operation Home Inc ($1.3m) and Project Joy and Hope for Texas ($1.3m).

On its Form 990 for the period ending August 2024, revenue came from contributions and grants 0.4% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $65k (4.9% of expenses). Other salaries and wages came to $956k. At year end it held assets of $635k against liabilities of $12k, net assets of $623k. It reported 60 employees.