Virginia Beach Community Development Corporation

Analysis

Virginia Beach Community Development Corporation is a registered charity in United States, based in Virginia BCH, VA. It received its IRS tax-exemption ruling in August 1987, 39 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 June 2023, Virginia Beach Community Development Corporation reported income of $7.9m and spending of $7.8m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.3m to $7.9m (+50%), an average of +11% a year. The sharpest change came in the year to June 2021, when income rose by 58%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Virginia Beach Community Development Corporation sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within VA. Charities of a similar size with the same main cause include Developemental Enterprises Corp ($7.9m), Trillium Employment Services ($8.0m) and Burning Glass Institute ($7.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 33% and program service revenue 65% of the total. Compensation of current officers, directors and key employees was $167k (2.1% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $35.7m against liabilities of $20.5m, net assets of $15.2m. It reported 41 employees.