Friends Development Corporation

Analysis

Friends Development Corporation is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in August 1990, 36 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 June 2024, Friends Development Corporation reported income of $195k and spending of $249k, spending 128% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income fell from $221k to $195k (-12%), an average of -3.0% a year. The sharpest change came in the year to June 2023, when income dropped by 22%. Over the whole period it spent 108% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Friends Development Corporation sits at the 37th percentile: it is larger than about 37% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 57th percentile within MA. Charities of a similar size with the same main cause include Mayor Wallis Manor Development Corporation Inc ($195k), United Jewish Council-Bialystoker Synagogue HSNG Dev Fund Co Inc ($195k) and Family Gateway Affordable Housing Inc ($195k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 31% and program service revenue 69% of the total. Other salaries and wages came to $7,880. At year end it held assets of $934k against liabilities of $997k, net assets of -$63k.