City of Florence Public Facilities Corporation

Analysis

City of Florence Public Facilities Corporation is a registered charity in United States, based in Florence, SC. 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 supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, City of Florence Public Facilities Corporation reported income of $2.3m and spending of $3.7m, spending 160% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $607k to $2.3m (+281%), an average of +56% a year. The sharpest change came in the year to June 2022, when income rose by 159%. Over the whole period it spent 450% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, City of Florence Public Facilities Corporation sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 90th percentile within SC. Charities of a similar size with the same main cause include Comprenew ($2.3m), Agc Construction Education Foundation ($2.3m) and South Central Economic Development District Inc ($2.3m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 99% of the total. At year end it held assets of $13.2m against liabilities of $36.6m, net assets of -$23.3m.

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.