Avesta Housing Development Corporation

Analysis

Avesta Housing Development Corporation is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in November 1976, 50 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Avesta Housing Development Corporation reported income of $10.8m and spending of $10.9m, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $8.7m to $10.8m (+23%), an average of +5.4% a year. The sharpest change came in the year to December 2021, when income rose by 26%. Over the whole period it spent 93% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Avesta Housing Development Corporation sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within ME. Charities of a similar size with the same main cause include Superior Living Foundation Inc ($10.8m), Meadowbrook Village Christian Retirement Community ($10.8m) and St Jude Inc ($10.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 36% and program service revenue 72% of the total. Compensation of current officers, directors and key employees was $767k (7.0% of expenses). Other salaries and wages came to $3.8m. At year end it held assets of $78.0m against liabilities of $52.4m, net assets of $25.6m. It reported 57 employees.