St Marys Apartments Inc

Analysis

St Marys Apartments Inc is a registered charity in United States, based in Wellesley, MA. It received its IRS tax-exemption ruling in January 1999, 27 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 June 2024, St Marys Apartments Inc reported income of $1.0m and spending of $1.1m, spending 111% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $749k to $1.0m (+34%), an average of +7.5% a year. The sharpest change came in the year to June 2023, when income rose by 32%. Over the whole period it spent 128% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, St Marys Apartments Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 79th percentile within MA. Charities of a similar size with the same main cause include Minnesota Education Equity Partnership ($1.0m), North Charleston Renaissance Inc ($1.0m) and Assisi Homes-Downers Place Inc ($1.0m).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 99% of the total. Other salaries and wages came to $209k. At year end it held assets of $4.2m against liabilities of $8.3m, net assets of -$4.1m.

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.