Wilkes Economic Development Corporation

Analysis

Wilkes Economic Development Corporation is a registered charity in United States, based in N Wilkesboro, NC. It received its IRS tax-exemption ruling in June 2003, 23 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, Wilkes Economic Development Corporation reported income of $1.4m and spending of $561k, leaving 61% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $370k to $1.4m (+287%), an average of +40% a year. The sharpest change came in the year to June 2022, when income rose by 591%. Over the whole period it spent 45% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Wilkes Economic Development Corporation sits at the 81st percentile: it is larger than about 81% 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 St Mark Methodist Church Housing Foundation Inc ($1.4m), North Philadelphia Financial Partnership ($1.4m) and Communities in Schools of Galveston County Inc ($1.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% of the total. Compensation of current officers, directors and key employees was $224k (40% of expenses). At year end it held assets of $4.5m against liabilities of $4,439, net assets of $4.5m. It reported 4 employees.