Carolina Velocity Futbol Club Inc

Analysis

Carolina Velocity Futbol Club Inc is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in June 2016, 10 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, Carolina Velocity Futbol Club Inc reported income of $1.2m and spending of $1.1m, spending 98% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $277k to $1.2m (+319%), an average of +61% a year. The sharpest change came in the year to December 2021, when income rose by 155%. Over the whole period it spent 91% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Carolina Velocity Futbol Club Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 81st percentile within NC. Charities of a similar size with the same main cause include Sun Prairie Ice ($1.2m), Greater Columbus Sports & Events Council Inc ($1.2m) and Arizona Tennis Charities ($1.2m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 3.9% and program service revenue 96% of the total. Other salaries and wages came to $416k. At year end it held assets of $373k against liabilities of $153k, net assets of $220k. It reported 23 employees.