Kingsport Chamber Foundation

Analysis

Kingsport Chamber Foundation is a registered charity in United States, based in Kingsport, TN. It received its IRS tax-exemption ruling in March 1982, 44 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 2023, Kingsport Chamber Foundation reported income of $3.6m and spending of $3.5m, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.3m to $3.6m (+11%), an average of +2.6% a year. The sharpest change came in the year to December 2022, when income rose by 19%. Over the whole period it spent 97% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Kingsport Chamber Foundation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within TN. Charities of a similar size with the same main cause include Hida Educational Foundation ($3.6m), Beyond Vision-Aib Inc ($3.6m) and Employment Resources Inc ($3.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 67% and program service revenue 18% of the total. Compensation of current officers, directors and key employees was $267k (7.6% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $3.6m against liabilities of $752k, net assets of $2.9m. It reported 35 employees.