Virginia Highlands Small Business Incubator

Analysis

Virginia Highlands Small Business Incubator is a registered charity in United States, based in Abingdon, VA. It received its IRS tax-exemption ruling in June 2002, 24 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 Highlands Small Business Incubator reported income of $431k and spending of $492k, spending 114% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $266k to $431k (+62%), an average of +13% a year. The sharpest change came in the year to June 2021, when income rose by 29%. Over the whole period it spent 122% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Virginia Highlands Small Business Incubator sits at the 65th percentile: it is larger than about 65% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 68th percentile within VA. Charities of a similar size with the same main cause include Lake Oswego Rowing Club Foundation ($430k), Financial Executives Networking Group Inc ($431k) and Park Side 104 Housing Development Fund Company Inc ($430k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 35% and program service revenue 64% of the total. Other salaries and wages came to $173k. At year end it held assets of $3.0m against liabilities of $88k, net assets of $3.0m. It reported 2 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.