Virginia Ship Repair Foundation Inc

Analysis

Virginia Ship Repair Foundation Inc is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in January 1983, 43 years ago. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Virginia Ship Repair Foundation Inc reported income of $508k and spending of $459k, spending 90% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $788k to $508k (-35%), an average of -10% a year. The sharpest change came in the year to December 2020, when income dropped by 19%. Over the whole period it spent 79% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Virginia Ship Repair Foundation Inc sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 70th percentile within VA. Charities of a similar size with the same main cause include Benjamin Hershey Memorial Convalescent Home ($508k), Ifma Foundation ($508k) and Sturgeon City of Jacksonville NC ($508k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 5.0% and program service revenue 57% of the total. At year end it held assets of $1.4m against liabilities of $39k, net assets of $1.4m.