Chelsea Restoration Corporation

Analysis

Chelsea Restoration Corporation is a registered charity in United States, based in Chelsea, MA. It received its IRS tax-exemption ruling in January 1981, 45 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, Chelsea Restoration Corporation reported income of $361k and spending of $341k, spending 94% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $374k to $361k (-3.5%), an average of -0.9% a year. The sharpest change came in the year to December 2020, when income rose by 385%. Over the whole period it spent 109% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Chelsea Restoration Corporation sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 66th percentile within MA. Charities of a similar size with the same main cause include Family Promise of Butler County ($361k), Breaking Ground III Housing Development Fund Corporation ($361k) and Riverview Apartments Senior Housing ($361k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 61% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $89k (26% of expenses). Other salaries and wages came to $105k. At year end it held assets of $2.1m against liabilities of $1.1m, net assets of $1.0m. It reported 5 employees.