Downtown Asheboro Inc

Analysis

Downtown Asheboro Inc is a registered charity in United States, based in Asheboro, NC. It received its IRS tax-exemption ruling in April 2021, 5 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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 June 2024, Downtown Asheboro Inc reported income of $819k and spending of $317k, leaving 61% of income unspent that year. Across the 3 years on record, from June 2022 to June 2024, income grew from $266k to $819k (+208%), an average of +76% a year. The sharpest change came in the year to June 2024, when income rose by 176%. Over the whole period it spent 57% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Downtown Asheboro Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 77th percentile within NC. Charities of a similar size with the same main cause include National Association of Biology Teachers Inc ($819k), Groundup Music Foundation Inc ($819k) and Red Wing Art Association ($819k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 92% and program service revenue 8.0% of the total. Compensation of current officers, directors and key employees was $74k (23% of expenses). At year end it held assets of $631k against liabilities of $28k, net assets of $603k. It reported 1 employees.