Albemarle Downtown Development Corp

Analysis

Albemarle Downtown Development Corp is a registered charity in United States, based in Albemarle, NC. It received its IRS tax-exemption ruling in February 1992, 34 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, Albemarle Downtown Development Corp reported income of $464k and spending of $459k, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2024, income fell from $465k to $464k (-0.3%), an average of -0.1% a year. The sharpest change came in the year to June 2022, when income rose by 24%. Over the whole period it spent 104% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Albemarle Downtown Development Corp sits at the 66th percentile: it is larger than about 66% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 68th percentile within NC. Charities of a similar size with the same main cause include Northwest Innovation Resource Center ($464k), Michigan Economic Developers Association ($464k) and Dubuque Main Street Ltd ($463k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 0.8% and program service revenue 95% of the total. At year end it held assets of $673k against liabilities of $1,804, net assets of $671k.