Friends of Downtown

Analysis

Friends of Downtown is a registered charity in United States, based in Charlottesvle, VA. It received its IRS tax-exemption ruling in February 2022, 4 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Friends of Downtown reported income of $528k and spending of $403k, leaving 24% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $307k to $528k (+72%), an average of +72% a year. The sharpest change came in the year to December 2023, when income rose by 72%. Over the whole period it spent 72% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Friends of Downtown sits at the 68th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 71st percentile within VA. Charities of a similar size with the same main cause include Workfirst Foundation ($528k), Midtown Cultural Center Inc ($529k) and Clarion Blueprint Community ($528k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% and program service revenue 3.9% of the total. Other salaries and wages came to $134k. At year end it held assets of $333k against liabilities of $98k, net assets of $235k. It reported 2 employees.