Honey Branch Industrial Development Authority Inc

Analysis

Honey Branch Industrial Development Authority Inc is a registered charity in United States, based in Prestonsburg, KY. It received its IRS tax-exemption ruling in May 2001, 25 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 June 2023, Honey Branch Industrial Development Authority Inc reported income of $52k and spending of $262k, spending 509% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $5,273 to $52k (+878%), an average of +77% a year. The sharpest change came in the year to June 2022, when income rose by 320%. Over the whole period it spent 676% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Honey Branch Industrial Development Authority Inc sits at the 21st percentile: it is larger than about 21% of them. Against every charity in United States with reported income it ranks in the 20th percentile, and in the 18th percentile within KY. Charities of a similar size with the same main cause include Black Rock Community Council Inc ($52k), Troy Reinvestment Fund ($52k) and Community Equity Collaborative ($52k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 55% of the total. At year end it held assets of $3.3m against liabilities of $627k, net assets of $2.7m.

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.