Rock Hill Economic Development Corporation

Analysis

Rock Hill Economic Development Corporation is a registered charity in United States, based in Rock Hill, SC. It received its IRS tax-exemption ruling in January 1984, 42 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 December 2022, Rock Hill Economic Development Corporation reported income of $377k and spending of $1.3m, spending 336% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $1.5m to $377k (-75%), an average of -37% a year. The sharpest change came in the year to December 2020, when income rose by 184%. Over the whole period it spent 123% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Rock Hill Economic Development Corporation sits at the 63rd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 70th percentile within SC. Charities of a similar size with the same main cause include Celebrate Committee Inc ($376k), Optimist Club of Menomonee Falls Foundation Inc ($377k) and Wells County Revitalization Inc ($376k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 55% of the total. At year end it held assets of $5.6m against liabilities of $1.6m, net assets of $4.0m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.