Friendship Community Development Corp

Analysis

Friendship Community Development Corp is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in July 2004, 22 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, Friendship Community Development Corp reported income of $724k and spending of $896k, spending 124% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.0m to $724k (-28%), an average of -7.8% a year. The sharpest change came in the year to June 2022, when income rose by 65%. 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, Friendship Community Development Corp sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 75th percentile within NC. Charities of a similar size with the same main cause include Coreys Closet ($724k), Circle of Love Center Inc ($725k) and Community Lendingworks ($723k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 42% and program service revenue 53% of the total. Compensation of current officers, directors and key employees was $101k (11% of expenses). Other salaries and wages came to $327k. At year end it held assets of $1.7m against liabilities of $357k, net assets of $1.3m. It reported 37 employees.