Richardville Apartments Inc

Analysis

Richardville Apartments Inc is a registered charity in United States, based in Fort Wayne, IN. It received its IRS tax-exemption ruling in March 2003, 23 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, Richardville Apartments Inc reported income of $99k and spending of $122k, spending 123% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $79k to $99k (+26%), an average of +8.0% a year. The sharpest change came in the year to June 2021, when income rose by 20%. Over the whole period it spent 117% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Richardville Apartments Inc sits at the 22nd percentile: it is larger than about 22% of them. Against every charity in United States with reported income it ranks in the 37th percentile, and in the 34th percentile within IN. Charities of a similar size with the same main cause include Shasta Hotel Corporation ($99k), Deep River Mission Inc ($99k) and American Covenant Senior Housing Foundation Inc ($99k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 98% of the total. Other salaries and wages came to $8,962. At year end it held assets of $687k against liabilities of $1.0m, net assets of -$313k.

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.