Richmond Community-Owned Development Enterprise

Analysis

Richmond Community-Owned Development Enterprise is a registered charity in United States, based in Richmond, CA. It received its IRS tax-exemption ruling in September 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 2023, Richmond Community-Owned Development Enterprise reported income of $1.6m and spending of $809k, leaving 48% of income unspent that year. Across the 4 years on record, from December 2020 to December 2023, income grew from $870k to $1.6m (+79%), an average of +22% a year. The sharpest change came in the year to December 2022, when income rose by 41%. Over the whole period it spent 44% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Richmond Community-Owned Development Enterprise 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 CA. Charities of a similar size with the same main cause include Club 720 Development Corporation ($1.6m), How to Build Up Inc ($1.6m) and Westchester-Fairfield Electrical Jo Int Apprenticeship and Training TR ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $106k (13% of expenses). Other salaries and wages came to $161k. At year end it held assets of $3.4m against liabilities of $830k, net assets of $2.6m. It reported 6 employees.