Food Bank of the Albemarle

Analysis

Food Bank of the Albemarle is a registered charity in United States, based in Elizabeth Cty, NC. It received its IRS tax-exemption ruling in December 1985, 41 years ago. Its declared purposes cover food, agriculture and nutrition, which this site groups under poverty relief. 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, Food Bank of the Albemarle reported income of $16.6m and spending of $14.6m, spending 88% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $14.3m to $16.6m (+16%), an average of +5.0% a year. The sharpest change came in the year to June 2021, when income rose by 44%. Over the whole period it spent 86% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Food Bank of the Albemarle sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within NC. Charities of a similar size with the same main cause include River Food Pantry ($16.6m), Sunshine Village Inc ($16.6m) and Solvang Lutheran Home Inc ($16.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 96% and program service revenue 3.0% of the total. Compensation of current officers, directors and key employees was $91k (0.6% of expenses). Other salaries and wages came to $1.4m. It paid $106k in professional fundraising fees. At year end it held assets of $10.4m against liabilities of $160k, net assets of $10.2m. It reported 62 employees.