Richmond Economic Development Corporation

Analysis

Richmond Economic Development Corporation is a registered charity in United States, based in Rockingham, NC. It received its IRS tax-exemption ruling in April 2015, 11 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 March 2023, Richmond Economic Development Corporation reported income of $100k and spending of $6,284, leaving 94% of income unspent that year. Across the 4 years on record, from March 2020 to March 2023, income grew from $15k to $100k (+563%), an average of +88% a year. The sharpest change came in the year to March 2021, when income rose by 1531%. Over the whole period it spent -83% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Richmond Economic Development Corporation sits at the 35th percentile: it is larger than about 35% of them. Against every charity in United States with reported income it ranks in the 37th percentile, and in the 35th percentile within NC. Charities of a similar size with the same main cause include Barbershop & Social Services ($100k), Simsbury Main Street Partnership Inc ($100k) and Hickman County Economic Community Development Association ($100k).

At year end it held assets of $527k against liabilities of $624k, net assets of -$98k.