Greater Norfolk Economic Development Foundation Inc

Analysis

Greater Norfolk Economic Development Foundation Inc is a registered charity in United States, based in Norfolk, NE. It received its IRS tax-exemption ruling in October 1986, 40 years ago. 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, Greater Norfolk Economic Development Foundation Inc reported income of $1.3m and spending of $1.4m, spending 107% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $617k to $1.3m (+107%), an average of +20% a year. The sharpest change came in the year to December 2021, when income rose by 70%. Over the whole period it spent 90% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Greater Norfolk Economic Development Foundation Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within NE. Charities of a similar size with the same main cause include Habitat for Humanity International Inc ($1.3m), Victory Village Inc ($1.3m) and Camden Lutheran Housing Corporation ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 80% and program service revenue 20% of the total. At year end it held assets of $9.3m against liabilities of $7.5m, net assets of $1.9m.