Norfolk State University Research and Innovation Foundation

Analysis

Norfolk State University Research and Innovation Foundation is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in March 2003, 23 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 June 2023, Norfolk State University Research and Innovation Foundation reported income of $6.0m and spending of $5.8m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.7m to $6.0m (+6.5%), an average of +1.6% a year. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Norfolk State University Research and Innovation Foundation sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within VA. Charities of a similar size with the same main cause include Association for Community Organization and Resource Developm ($6.0m), The Community Development Venture Capital Alliance ($6.0m) and Center on Rural Innovation Inc ($6.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 1.7% of the total. Compensation of current officers, directors and key employees was $179k (3.1% of expenses). Other salaries and wages came to $294k. At year end it held assets of $25.8m against liabilities of $24.6m, net assets of $1.2m.