Gateway Industries Inc

Analysis

Gateway Industries Inc is a registered charity in United States, based in Ronceverte, WV. It received its IRS tax-exemption ruling in August 1980, 46 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 June 2023, Gateway Industries Inc reported income of $836k and spending of $972k, spending 116% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.0m to $836k (-18%), an average of -4.8% a year. The sharpest change came in the year to June 2022, when income dropped by 18%. Over the whole period it spent 103% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Gateway Industries Inc sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 75th percentile within WV. Charities of a similar size with the same main cause include Avondale Development Corporation ($836k), Support After Abortion Inc ($836k) and Unlimited Possibilties Inc ($836k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 15% and program service revenue 71% of the total. Compensation of current officers, directors and key employees was $74k (7.6% of expenses). Other salaries and wages came to $562k. At year end it held assets of $1.3m against liabilities of $41k, net assets of $1.3m. It reported 52 employees.