Portco Inc

Analysis

Portco Inc is a registered charity in United States, based in Suffolk, VA. It received its IRS tax-exemption ruling in June 1993, 33 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Portco Inc reported income of $11.2m and spending of $10.6m, spending 95% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $7.8m to $11.2m (+44%), an average of +9.5% a year. Over the whole period it spent 98% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Portco Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within VA. Charities of a similar size with the same main cause include Puerto Rico Industries for the Blind ($11.1m), Peoplefund ($11.2m) and Fresno Building Healthy Communities ($11.1m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.0% and program service revenue 100% of the total. Other salaries and wages came to $6.4m. At year end it held assets of $3.5m against liabilities of $1.7m, net assets of $1.8m. It reported 326 employees.