Downtown Statesville Development Corporation

Analysis

Downtown Statesville Development Corporation is a registered charity in United States, based in Statesville, NC. It received its IRS tax-exemption ruling in August 1985, 41 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, Downtown Statesville Development Corporation reported income of $333k and spending of $310k, spending 93% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $204k to $333k (+64%), an average of +13% a year. The sharpest change came in the year to June 2023, when income rose by 39%. Over the whole period it spent 96% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Downtown Statesville Development Corporation sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 62nd percentile within NC. Charities of a similar size with the same main cause include Jus Cogens ($333k), Homsite Fund Inc ($334k) and Concerned Communities for America Inc ($333k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 56% and program service revenue 44% of the total. Compensation of current officers, directors and key employees was $104k (34% of expenses). Other salaries and wages came to $11k. At year end it held assets of $325k against liabilities of $29k, net assets of $296k. It reported 2 employees.