Carmel Terrace Inc

Analysis

Carmel Terrace Inc is a registered charity in United States, based in Framingham, MA. It received its IRS tax-exemption ruling in February 1996, 30 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, Carmel Terrace Inc reported income of $4.9m and spending of $4.3m, spending 88% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $5.2m to $4.9m (-6.1%), an average of -1.6% a year. The sharpest change came in the year to December 2022, when income dropped by 21%. Over the whole period it spent 84% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Carmel Terrace Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 91st percentile within MA. Charities of a similar size with the same main cause include Progress of Peoples Management Corp ($4.9m), Family Housing Fund ($4.9m) and Savin Rock Communities Inc ($4.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.1% and program service revenue 86% of the total. Other salaries and wages came to $1.7m. At year end it held assets of $18.7m against liabilities of $1.1m, net assets of $17.6m. It reported 56 employees.