Richmond Development Corporation

Analysis

Richmond Development Corporation is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in February 2017, 9 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Richmond Development Corporation reported income of $6.4m and spending of $2.3m, leaving 64% of income unspent that year. Across the 3 years on record, from June 2019 to June 2023, income grew from $760k to $6.4m (+741%), an average of +190% a year. The sharpest change came in the year to June 2023, when income rose by 208833%. Over the whole period it spent 43% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Richmond Development Corporation sits at the 93rd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within VA. Charities of a similar size with the same main cause include Gifford Retirement Community Inc ($6.4m), Southeastern Housing and Community Development ($6.4m) and Tioga Opportunities Inc ($6.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. At year end it held assets of $10.0m against liabilities of $5.3m, net assets of $4.7m.