Carolinas Football Club

Analysis

Carolinas Football Club is a registered charity in United States, based in Cornelius, NC. It received its IRS tax-exemption ruling in March 2020, 6 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 May 2023, Carolinas Football Club reported income of $10.7m and spending of $10.6m, spending 99% of its income. Across the 4 years on record, from May 2020 to May 2023, income grew from $3.8m to $10.7m (+179%), an average of +41% a year. The sharpest change came in the year to May 2021, when income rose by 105%. Over the whole period it spent 105% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Carolinas Football Club sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include Reno Air Racings Association Inc ($10.7m), State Agricultural & Mechanical Society of South Carolina ($10.7m) and Row New York Inc ($10.7m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 10.0% and program service revenue 79% of the total. Other salaries and wages came to $4.9m. At year end it held assets of $2.3m against liabilities of $2.7m, net assets of -$328k. It reported 221 employees.