MSGR Joseph F Stedman Residence Housing Development Fund Corporati

Analysis

MSGR Joseph F Stedman Residence Housing Development Fund Corporati is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in March 1946, 80 years ago. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, MSGR Joseph F Stedman Residence Housing Development Fund Corporati reported income of $1.3m and spending of $1.5m, spending 113% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.2m to $1.3m (+12%), an average of +3.7% a year. Over the whole period it spent 114% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, MSGR Joseph F Stedman Residence Housing Development Fund Corporati sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 78th percentile within NY. Charities of a similar size with the same main cause include Daybreak Inc ($1.3m), New Mexico Black Leadership Council ($1.3m) and National Alliance on Mental Illness in Delaware Foundation ($1.3m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 99% of the total. At year end it held assets of $5.7m against liabilities of $9.1m, net assets of -$3.5m.

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.