Home City Development Inc

Analysis

Home City Development Inc is a registered charity in United States, based in Springfield, MA. It received its IRS tax-exemption ruling in March 1968, 58 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, Home City Development Inc reported income of $1.1m and spending of $1.7m, spending 153% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.7m to $1.1m (-32%), an average of -9.2% a year. The sharpest change came in the year to December 2022, when income rose by 74%. Over the whole period it spent 83% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Home City Development Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 80th percentile within MA. Charities of a similar size with the same main cause include Pines at Narragansett Housing Development Fund Company Inc ($1.1m), Talbot Interfaith Shelter Inc ($1.1m) and Dream Center Indianapolis Inc ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 15% and program service revenue 52% of the total. Compensation of current officers, directors and key employees was $171k (9.8% of expenses). Other salaries and wages came to $452k. At year end it held assets of $23.9m against liabilities of $11.4m, net assets of $12.5m. It reported 6 employees.