Lake Norman Volunteer Fire Dept

Analysis

Lake Norman Volunteer Fire Dept is a registered charity in United States, based in Mooresville, NC. It received its IRS tax-exemption ruling in January 2005, 21 years ago. Its declared purposes cover public safety, disaster preparedness and relief, which this site groups under armed forces, emergency and public safety. 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 2024, Lake Norman Volunteer Fire Dept reported income of $1.5m and spending of $1.4m, spending 94% of its income. Across the 5 years on record, from June 2019 to June 2024, income grew from $942k to $1.5m (+57%), an average of +12% a year. The sharpest change came in the year to June 2023, when income rose by 43%. Over the whole period it spent 120% of the income it received.

Among 9,128 United States charities whose main cause is armed forces, emergency and public safety and that reported income, Lake Norman Volunteer Fire Dept sits at the 95th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 84th percentile within NC. Charities of a similar size with the same main cause include Belvedere Volunteer Fire Co ($1.5m), Buies Creek Rural Fire Department Incorporated ($1.5m) and Lakes of the Four Seasons Volunteer Fire Force ($1.5m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 96% of the total. Other salaries and wages came to $611k. At year end it held assets of $3.7m against liabilities of $888k, net assets of $2.8m. It reported 32 employees.