A Kornegay Senior Houses Housing Development Fund Corporation

Analysis

A Kornegay Senior Houses Housing Development Fund Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in April 2002, 24 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 September 2023, A Kornegay Senior Houses Housing Development Fund Corporation reported income of $1.9m and spending of $1.9m, spending 102% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $922k to $1.9m (+101%), an average of +19% a year. The sharpest change came in the year to September 2022, when income rose by 54%. Over the whole period it spent 139% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, A Kornegay Senior Houses Housing Development Fund Corporation sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 82nd percentile within NY. Charities of a similar size with the same main cause include Sammon Build Center Housing ($1.9m), Habitat for Humanity International Inc ($1.9m) and Council Towers III Housing Development Fund Corporation ($1.9m).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 97% of the total. Other salaries and wages came to $209k. At year end it held assets of $5.3m against liabilities of $12.6m, net assets of -$7.3m. It reported 4 employees.

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.