Business Expansion Funding Corp

Analysis

Business Expansion Funding Corp is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in November 1988, 38 years ago. 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 September 2023, Business Expansion Funding Corp reported income of $3.8m and spending of $2.6m, leaving 32% of income unspent that year. Across the 5 years on record, from September 2019 to September 2023, income grew from $1.8m to $3.8m (+117%), an average of +21% a year. The sharpest change came in the year to September 2023, when income rose by 44%. Over the whole period it spent 81% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Business Expansion Funding Corp sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within NC. Charities of a similar size with the same main cause include Up and Out Incorporated ($3.8m), Tender Mercies Inc ($3.8m) and National Church Residences Foundation ($3.8m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 15% and program service revenue 84% of the total. Compensation of current officers, directors and key employees was $263k (10% of expenses). Other salaries and wages came to $1.5m. At year end it held assets of $6.7m against liabilities of $1.7m, net assets of $5.0m. It reported 27 employees.