Friendship Industries Inc

Analysis

Friendship Industries Inc is a registered charity in United States, based in Rockingham, VA. It received its IRS tax-exemption ruling in June 1972, 54 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 (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 2024, Friendship Industries Inc reported income of $4.3m and spending of $4.3m, spending 101% of its income. Across the 5 years on record, from June 2020 to June 2024, income fell from $4.7m to $4.3m (-9.1%), an average of -2.3% a year. Over the whole period it spent 95% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Friendship Industries Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within VA. Charities of a similar size with the same main cause include Tennessee Valley Training Center Inc ($4.3m), Godman Guild Association ($4.3m) and Rotary Camps & Services of Traverse City ($4.3m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 4.5% and program service revenue 51% of the total. Compensation of current officers, directors and key employees was $358k (8.2% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $9.2m against liabilities of $3.1m, net assets of $6.1m. It reported 59 employees.