757 Accelerate Inc

Analysis

757 Accelerate Inc is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in May 2018, 8 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, 757 Accelerate Inc reported income of $1.6m and spending of $1.3m, spending 85% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $447k to $1.6m (+250%), an average of +52% a year. The sharpest change came in the year to December 2021, when income rose by 109%. Over the whole period it spent 86% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, 757 Accelerate Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 84th percentile within VA. Charities of a similar size with the same main cause include Burlington West Burlington Area Development Foundation ($1.6m), Northeast Occupational Exchange Inc ($1.6m) and Nehemiah Community Development Corporation ($1.6m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $225k (17% of expenses). Other salaries and wages came to $349k. At year end it held assets of $821k against liabilities of $78k, net assets of $743k. It reported 4 employees.