Norfolk Innovation Corridor

Analysis

Norfolk Innovation Corridor is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in December 2021, 5 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 June 2023, Norfolk Innovation Corridor reported income of $172k and spending of $159k, spending 93% of its income. Across the 3 years on record, from June 2021 to June 2023, income grew from $82k to $172k (+109%), an average of +45% a year. The sharpest change came in the year to June 2023, when income rose by 62%. Over the whole period it spent 84% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Norfolk Innovation Corridor sits at the 47th percentile: it is larger than about 47% of them. Against every charity in United States with reported income it ranks in the 50th percentile, and in the 50th percentile within VA. Charities of a similar size with the same main cause include Progressive Alliance Community Development Corporation ($172k), Columbia Valley Housing Association ($172k) and Idea Works ($172k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 56% and program service revenue 44% of the total. Compensation of current officers, directors and key employees was $30k (19% of expenses). Other salaries and wages came to $5,672. At year end it held assets of $82k against liabilities of $7,741, net assets of $75k. It reported 1 employees.