358-74 Vernon Avenue Housing Development Fund Corporation

Analysis

358-74 Vernon Avenue Housing Development Fund Corporation is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in August 1995, 31 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 December 2023, 358-74 Vernon Avenue Housing Development Fund Corporation reported income of $664k and spending of $944k, spending 142% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $725k to $664k (-8.5%), an average of -2.2% a year. Over the whole period it spent 136% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, 358-74 Vernon Avenue Housing Development Fund Corporation sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 70th percentile within NY. Charities of a similar size with the same main cause include Deaconess-Perry Center ($664k), Presbyterian Villas of Lehigh Inc ($664k) and Wasco Affordable Housing Inc ($663k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $121k. At year end it held assets of $2.6m against liabilities of $6.1m, net assets of -$3.5m. It reported 4 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.