Hampton Roads Economic Development Alliance

Analysis

Hampton Roads Economic Development Alliance is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in March 2020, 6 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, Hampton Roads Economic Development Alliance reported income of $3.6m and spending of $4.1m, spending 116% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.7m to $3.6m (+33%), an average of +7.4% a year. The sharpest change came in the year to December 2020, when income rose by 38%. Over the whole period it spent 92% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Hampton Roads Economic Development Alliance sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within VA. Charities of a similar size with the same main cause include Community Capacity Development Inc ($3.6m), Meatpacking District Management Association Inc ($3.6m) and Employment Enterprises Inc ($3.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% and program service revenue 1.0% of the total. Compensation of current officers, directors and key employees was $859k (21% of expenses). Other salaries and wages came to $1.0m. It paid $244k in professional fundraising fees. At year end it held assets of $4.1m against liabilities of $285k, net assets of $3.8m. It reported 16 employees.