Gaston Innovation Group Inc

Analysis

Gaston Innovation Group Inc is a registered charity in United States, based in Belmont, NC. It received its IRS tax-exemption ruling in March 2019, 7 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 2022, Gaston Innovation Group Inc reported income of $766k and spending of $476k, leaving 38% of income unspent that year. Across the 4 years on record, from December 2019 to December 2022, income grew from $237k to $766k (+224%), an average of +48% a year. The sharpest change came in the year to December 2022, when income rose by 218%. Over the whole period it spent 123% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Gaston Innovation Group Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 76th percentile within NC. Charities of a similar size with the same main cause include Kent Downtown ($766k), Latino Business Foundation Silicon Valley ($766k) and 1951 Coffee Company ($765k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 69% and program service revenue 1.1% of the total. Compensation of current officers, directors and key employees was $110k (23% of expenses). At year end it held assets of $287k against liabilities of $354k, net assets of -$66k. It reported 1 employees.