Hampton Roads Development Corporation

Analysis

Hampton Roads Development Corporation is a registered charity in United States, based in Chesapeake, VA. It received its IRS tax-exemption ruling in July 1990, 36 years ago. 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 Development Corporation reported income of $134k and spending of $265k, spending 197% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $152k to $134k (-12%), an average of -3.0% a year. The sharpest change came in the year to December 2020, when income rose by 30%. Over the whole period it spent 204% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hampton Roads Development Corporation sits at the 44th percentile: it is larger than about 44% of them. Against every charity in United States with reported income it ranks in the 44th percentile, and in the 44th percentile within VA. Charities of a similar size with the same main cause include American Legion Post 52 ($134k), Chippewa Valley Educational Foundation ($134k) and King Solomon Christian Service Camp ($134k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 56% of the total. Compensation of current officers, directors and key employees was $108k (41% of expenses). At year end it held assets of $1.7m against liabilities of $446k, net assets of $1.2m. It reported 1 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.