Palmetto Breeze Apartments Inc

Analysis

Palmetto Breeze Apartments Inc is a registered charity in United States, based in St Petersburg, FL. It received its IRS tax-exemption ruling in April 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, Palmetto Breeze Apartments Inc reported income of $73k and spending of $127k, spending 173% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $63k to $73k (+17%), an average of +3.9% a year. Over the whole period it spent 151% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Palmetto Breeze Apartments Inc sits at the 16th percentile: it is larger than about 16% of them. Against every charity in United States with reported income it ranks in the 29th percentile, and in the 32nd percentile within FL. Charities of a similar size with the same main cause include Community Apartments Corporation of Metrolina 7 ($73k), Together with Friends Non-Profit Housing Corporation ($73k) and Calloway Street One Inc ($73k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 51% and program service revenue 48% of the total. Other salaries and wages came to $9,546. At year end it held assets of $716k against liabilities of $1.1m, net assets of -$403k.

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.