Biznet Incorporated

Analysis

Biznet Incorporated is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in May 1994, 32 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Biznet Incorporated reported income of $153k and spending of $174k, spending 114% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $154k to $153k (-0.8%), an average of -0.2% a year. Over the whole period it spent 108% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Biznet Incorporated sits at the 42nd percentile: it is larger than about 42% of them. Against every charity in United States with reported income it ranks in the 48th percentile, and in the 47th percentile within VA. Charities of a similar size with the same main cause include Colorado P E O Charitable Corporation ($153k), The Princess Project ($153k) and Child Foundation Inc ($153k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 95% of the total. At year end it held assets of $1.5m against liabilities of $277k, net assets of $1.2m.

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.