Gaston Community Foundation

Analysis

Gaston Community Foundation is a registered charity in United States, based in Gastonia, NC. It received its IRS tax-exemption ruling in May 1979, 47 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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 2023, Gaston Community Foundation reported income of $9.3m and spending of $8.9m, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $6.5m to $9.3m (+42%), an average of +9.1% a year. The sharpest change came in the year to December 2021, when income rose by 156%. Over the whole period it spent 67% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Gaston Community Foundation sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include Jewish Community Foundation of Greater Hartford Inc ($9.2m), Jewish Federation of Greater Seattle ($9.3m) and Chapters Health Foundation Inc ($9.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 54% and program service revenue 2.7% of the total. Compensation of current officers, directors and key employees was $180k (2.0% of expenses). Other salaries and wages came to $400k. At year end it held assets of $126.2m against liabilities of $32.8m, net assets of $93.4m. It reported 8 employees.