Rockville Economic Development Inc

Analysis

Rockville Economic Development Inc is a registered charity in United States, based in Rockville, MD. It received its IRS tax-exemption ruling in May 1998, 28 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 supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Rockville Economic Development Inc reported income of $2.4m and spending of $2.2m, spending 94% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.5m to $2.4m (+54%), an average of +12% a year. The sharpest change came in the year to June 2022, when income rose by 28%. Over the whole period it spent 90% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Rockville Economic Development Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 86th percentile within MD. Charities of a similar size with the same main cause include Economic Opportunity Institute ($2.4m), General Society of Mechanics & Tradesmen ($2.4m) and Fulton County Rehabilitation Center Inc ($2.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 93% and program service revenue 6.7% of the total. Compensation of current officers, directors and key employees was $184k (8.2% of expenses). Other salaries and wages came to $646k. At year end it held assets of $2.4m against liabilities of $1.0m, net assets of $1.3m. It reported 12 employees.