JM Apartments

Analysis

JM Apartments is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in January 2007, 19 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 2023, JM Apartments reported income of $115k and spending of $229k, spending 200% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $117k to $115k (-1.7%), an average of -0.4% a year. Over the whole period it spent 185% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, JM Apartments sits at the 25th percentile: it is larger than about 25% of them. Against every charity in United States with reported income it ranks in the 40th percentile, and in the 36th percentile within RI. Charities of a similar size with the same main cause include Richland Apartments Inc ($115k), Seddlemeyer Apartments Inc ($115k) and Miller Place Senior Complex Inc ($115k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 58% and program service revenue 31% of the total. At year end it held assets of $1.2m against liabilities of $2.5m, net assets of -$1.3m.

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.