Friendship Service Center Inc

Analysis

Friendship Service Center Inc is a registered charity in United States, based in New Britain, CT. It received its IRS tax-exemption ruling in February 1971, 55 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Friendship Service Center Inc reported income of $4.0m and spending of $4.5m, spending 112% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $2.9m to $4.0m (+39%), an average of +12% a year. The sharpest change came in the year to June 2023, when income rose by 22%. Over the whole period it spent 112% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Friendship Service Center Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 89th percentile within CT. Charities of a similar size with the same main cause include Alachua Habitat for Humanity Inc ($4.0m), Long Island Housing Partnership Inc ($4.0m) and Monterey County Housing Authority Development Corporation ($4.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 97% and program service revenue 1.5% of the total. Compensation of current officers, directors and key employees was $244k (5.4% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $13.6m against liabilities of $7.7m, net assets of $5.8m. It reported 93 employees.

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.