Downtown Belmont Development Association

Analysis

Downtown Belmont Development Association is a registered charity in United States, based in Belmont, NC. It received its IRS tax-exemption ruling in June 2015, 11 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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, Downtown Belmont Development Association reported income of $164k and spending of $166k, spending 101% of its income. Across the 4 years on record, from June 2019 to June 2023, income grew from $116k to $164k (+41%), an average of +12% a year. The sharpest change came in the year to June 2022, when income rose by 454%. Over the whole period it spent 91% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Downtown Belmont Development Association sits at the 55th percentile: it is larger than about 55% of them. Against every charity in United States with reported income it ranks in the 49th percentile, and in the 47th percentile within NC. Charities of a similar size with the same main cause include Geneva Concerts Inc ($164k), Colorado Springs Philharmonic Foundation ($164k) and Johnson County Historical Society ($164k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 46% and program service revenue 54% of the total. At year end it held assets of $84k against liabilities of $35k, net assets of $48k.