Greater Winston-Salem Development Corp

Analysis

Greater Winston-Salem Development Corp is a registered charity in United States, based in Winston Salem, NC. 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 December 2023, Greater Winston-Salem Development Corp reported income of $1.6m and spending of $909k, leaving 44% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $940k to $1.6m (+72%), an average of +15% a year. The sharpest change came in the year to December 2023, when income rose by 105%. Over the whole period it spent 116% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Greater Winston-Salem Development Corp sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 85th percentile within NC. Charities of a similar size with the same main cause include West Central Texas Workforce Development Board Inc ($1.6m), Laclede Industries ($1.6m) and Minneapolis Regional Chamber Development Foundation ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% of the total. Compensation of current officers, directors and key employees was $190k (21% of expenses). Other salaries and wages came to $366k. At year end it held assets of $2.1m against liabilities of $81k, net assets of $2.0m.