Penates Inc

Analysis

Penates Inc is a registered charity in United States, based in Bay Shore, NY. It received its IRS tax-exemption ruling in May 1993, 33 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 March 2023, Penates Inc reported income of $2.7m and spending of $2.4m, spending 90% of its income. Across the 5 years on record, from March 2019 to March 2023, income fell from $3.3m to $2.7m (-18%), an average of -4.7% a year. The sharpest change came in the year to March 2022, when income dropped by 24%. Over the whole period it spent 96% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Penates Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 85th percentile within NY. Charities of a similar size with the same main cause include Nehemiah Housing Development Fund Company Inc ($2.7m), Navigator Corporation ($2.7m) and Habitat for Humanity International Inc ($2.7m).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $90k (3.7% of expenses). Other salaries and wages came to $1.5m. At year end it held assets of $647k against liabilities of $577k, net assets of $70k. It reported 61 employees.