Downtown Morehead City Inc

Analysis

Downtown Morehead City Inc is a registered charity in United States, based in Morehead City, NC. It received its IRS tax-exemption ruling in April 1999, 27 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 Morehead City Inc reported income of $190k and spending of $166k, spending 88% of its income. Across the 6 years on record, from June 2019 to June 2024, income grew from $159k to $190k (+20%), an average of +3.7% a year. Over the whole period it spent 92% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Downtown Morehead City Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 50th percentile within NC. Charities of a similar size with the same main cause include Northeast Michigan Community Partnership Inc ($190k), Midtown Inc ($190k) and Heart of Rushville-A Main Street Program ($190k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 61% and program service revenue 0.1% of the total. Other salaries and wages came to $105k. At year end it held assets of $237k against liabilities of $913, net assets of $236k. It reported 3 employees.