Solid Rock Development Corporation

Analysis

Solid Rock Development Corporation is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in January 2012, 14 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Solid Rock Development Corporation reported income of $314k and spending of $179k, leaving 43% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $434k to $314k (-28%), an average of -7.7% a year. The sharpest change came in the year to December 2020, when income dropped by 25%. Over the whole period it spent 80% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Solid Rock Development Corporation sits at the 57th percentile: it is larger than about 57% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 64th percentile within TN. Charities of a similar size with the same main cause include Well Fed ($314k), Learning Land Inc ($315k) and Good Neighbors Inc ($314k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 42% of the total. Other salaries and wages came to $16k. At year end it held assets of $5.1m against liabilities of $2.0m, net assets of $3.1m.