Economic Development Partnership of North Carolina Inc

Analysis

Economic Development Partnership of North Carolina Inc is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in March 2014, 12 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Economic Development Partnership of North Carolina Inc reported income of $52.5m and spending of $51.3m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $23.0m to $52.5m (+128%), an average of +23% a year. The sharpest change came in the year to June 2023, when income rose by 103%. Over the whole period it spent 98% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Economic Development Partnership of North Carolina Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within NC. Charities of a similar size with the same main cause include Goodwill Industries of Fort Worth Inc ($52.3m), Neighborhood Improvement Project Inc ($53.1m) and Goodwill Industries of Lane County ($52.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 4.4% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $675k (1.3% of expenses). Other salaries and wages came to $5.8m. At year end it held assets of $25.1m against liabilities of $18.1m, net assets of $7.0m. It reported 87 employees.