Providence Place Inc

Analysis

Providence Place 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Providence Place Inc reported income of $5.1m and spending of $5.1m, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.7m to $5.1m (+10.0%), an average of +2.4% a year. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Providence Place 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 Safety Shelter of St Johns County Inc ($5.1m), New Community Development Corporation ($5.1m) and St Mary Development Corporation ($5.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.2% and program service revenue 99% of the total. Other salaries and wages came to $2.0m. At year end it held assets of $7.6m against liabilities of $13.7m, net assets of -$6.1m.

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.