Turning Point Red Hook Housing Development Fund Corporation

Analysis

Turning Point Red Hook Housing Development Fund Corporation is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in October 1994, 32 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 2022, Turning Point Red Hook Housing Development Fund Corporation reported income of $509k and spending of $705k, spending 139% of what it took in. Across the 4 years on record, from December 2019 to June 2022, income fell from $534k to $509k (-4.7%), an average of -1.6% a year. The sharpest change came in the year to June 2021, when income rose by 95%. Over the whole period it spent 110% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Turning Point Red Hook Housing Development Fund Corporation sits at the 58th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 66th percentile within NY. Charities of a similar size with the same main cause include Dekalb County Residential Development Corporation ($509k), Unlimited Senior Housing Inc ($509k) and Casa Caribe Inc ($509k).

On its Form 990 for the period ending June 2022, revenue came from contributions and grants 16% and program service revenue 83% of the total. Other salaries and wages came to $120k. At year end it held assets of $1.5m against liabilities of $2.2m, net assets of -$740k.

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.