Choanoke Area Development Assoc

Analysis

Choanoke Area Development Assoc is a registered charity in United States, based in Rich Square, NC. It received its IRS tax-exemption ruling in March 1965, 61 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Choanoke Area Development Assoc reported income of $10.2m and spending of $10.7m, spending 105% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $10.1m to $10.2m (+1.0%), an average of +0.2% a year. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Choanoke Area Development Assoc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include Capital Area Housing Partnership ($10.2m), Neighborhood Housing Services of New York City Inc ($10.2m) and Vsu Auxiliary Services Real Estatefoundation Inc ($10.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 2.0% of the total. Compensation of current officers, directors and key employees was $85k (0.8% of expenses). Other salaries and wages came to $4.4m. At year end it held assets of $3.3m against liabilities of $2.9m, net assets of $398k. It reported 174 employees.