Bessemer Redevelopment Corp

Analysis

Bessemer Redevelopment Corp is a registered charity in United States, based in Bessemer, AL. It received its IRS tax-exemption ruling in September 2020, 6 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, Bessemer Redevelopment Corp reported income of $605k and spending of $303k, leaving 50% of income unspent that year. Across the 3 years on record, from December 2021 to December 2023, income grew from $397k to $605k (+52%), an average of +24% a year. The sharpest change came in the year to December 2022, when income rose by 96%. Over the whole period it spent 50% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Bessemer Redevelopment Corp 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 76th percentile within AL. Charities of a similar size with the same main cause include California Association of Local Agency Formation Commissions ($605k), Zephyr Institute Inc ($605k) and Franklinton Center Inc ($605k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 92% of the total. Other salaries and wages came to $109k. At year end it held assets of $3.3m against liabilities of $2.4m, net assets of $852k. It reported 3 employees.