Cobiz Richmond Inc

Analysis

Cobiz Richmond Inc is a registered charity in United States, based in Richmond, CA. It received its IRS tax-exemption ruling in October 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Cobiz Richmond Inc reported income of $610k and spending of $622k, spending 102% of its income. Across the 4 years on record, from December 2020 to December 2023, income fell from $697k to $610k (-12%), an average of -4.3% a year. The sharpest change came in the year to December 2022, when income dropped by 28%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Cobiz Richmond Inc sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 74th percentile within CA. Charities of a similar size with the same main cause include Pacific Beach Community Development Corp ($610k), Avenue North Renaissance ($611k) and Love-In-Deed Community Development Corporation ($610k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 35% and program service revenue 64% of the total. Compensation of current officers, directors and key employees was $132k (21% of expenses). Other salaries and wages came to $99k. At year end it held assets of $143k against liabilities of $170k, net assets of -$27k. It reported 2 employees.