The 516 Project Inc

Analysis

The 516 Project Inc is a registered charity in United States, based in Fredericksbrg, VA. It received its IRS tax-exemption ruling in March 2016, 10 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, The 516 Project Inc reported income of $430k and spending of $590k, spending 137% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income grew from $277k to $430k (+55%), an average of +25% a year. The sharpest change came in the year to December 2022, when income rose by 191%. Over the whole period it spent 92% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, The 516 Project Inc sits at the 65th percentile: it is larger than about 65% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 68th percentile within VA. Charities of a similar size with the same main cause include Denver Community Development Corporation ($430k), Park Side 104 Housing Development Fund Company Inc ($430k) and Todos Santos Business Association Arts Foundation Inc ($429k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $94k (16% of expenses). Other salaries and wages came to $87k. At year end it held assets of $611k against liabilities of $358k, net assets of $253k. It reported 4 employees.