Hill Street Terrace Housing Corp

Analysis

Hill Street Terrace Housing Corp is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in January 1978, 48 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Hill Street Terrace Housing Corp reported income of $1.3m and spending of $1.6m, spending 121% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.4m to $1.3m (-5.9%), an average of -1.5% a year. The sharpest change came in the year to December 2021, when income dropped by 24%. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Hill Street Terrace Housing Corp sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 80th percentile within ME. Charities of a similar size with the same main cause include Eastern Slope Housing ($1.3m), Japanese American Religious Federation Housing Inc ($1.3m) and Edison Arms Housing Development Fund Co Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 57% and program service revenue 43% of the total. At year end it held assets of $7.2m against liabilities of $8.0m, net assets of -$847k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.