Downtown Smithfield Development Corporation

Analysis

Downtown Smithfield Development Corporation is a registered charity in United States, based in Smithfield, NC. It received its IRS tax-exemption ruling in June 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 2024, Downtown Smithfield Development Corporation reported income of $213k and spending of $175k, spending 82% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $158k to $213k (+35%), an average of +7.8% a year. The sharpest change came in the year to June 2024, when income rose by 26%. Over the whole period it spent 93% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Downtown Smithfield Development Corporation sits at the 52nd percentile: it is larger than about 52% of them. Against every charity in United States with reported income it ranks in the 55th percentile, and in the 53rd percentile within NC. Charities of a similar size with the same main cause include Washington State Firefighters Training and Education Fund ($213k), Grow Logan County Foundation ($214k) and Texas Lions Foundation Inc ($213k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 99% of the total. Other salaries and wages came to $32k. At year end it held assets of $223k against liabilities of $1,582, net assets of $221k. It reported 2 employees.