Providence Ministries for the Needy Inc

Analysis

Providence Ministries for the Needy Inc is a registered charity in United States, based in Holyoke, MA. It received its IRS tax-exemption ruling in March 1946, 80 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, Providence Ministries for the Needy Inc reported income of $2.9m and spending of $2.9m, spending 102% of its income. Across the 5 years on record, from June 2019 to December 2023, income grew from $1.2m to $2.9m (+142%), an average of +25% a year. The sharpest change came in the year to December 2021, when income rose by 216%. Over the whole period it spent 100% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Providence Ministries for the Needy Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 88th percentile within MA. Charities of a similar size with the same main cause include Richmond Affordable Housing ($2.9m), Tenants Development Corporation ($2.9m) and Center for Health Design Inc ($2.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 78% and program service revenue 21% of the total. Compensation of current officers, directors and key employees was $83k (2.8% of expenses). Other salaries and wages came to $475k. At year end it held assets of $1.0m against liabilities of $55k, net assets of $980k. It reported 18 employees.