Harrisonburg Downtown Renaissance

Analysis

Harrisonburg Downtown Renaissance is a registered charity in United States, based in Harrisonburg, VA. It received its IRS tax-exemption ruling in January 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 December 2023, Harrisonburg Downtown Renaissance reported income of $1.1m and spending of $745k, leaving 30% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $553k to $1.1m (+93%), an average of +18% a year. The sharpest change came in the year to December 2023, when income rose by 51%. Over the whole period it spent 84% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Harrisonburg Downtown Renaissance sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 80th percentile within VA. Charities of a similar size with the same main cause include Panhandle Area Development District ($1.1m), Greater Wilkes-Barre Chamber of Business & Industry ($1.1m) and Rock County Opportunities Inc ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 61% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $99k (13% of expenses). Other salaries and wages came to $158k. At year end it held assets of $1.5m against liabilities of $461k, net assets of $1.0m. It reported 7 employees.