Westbeth Corp Housing Development Fund Company Inc

Analysis

Westbeth Corp Housing Development Fund Company Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in June 1968, 58 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 December 2023, Westbeth Corp Housing Development Fund Company Inc reported income of $10.6m and spending of $12.5m, spending 118% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $10.0m to $10.6m (+6.3%), an average of +1.5% a year. Over the whole period it spent 109% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Westbeth Corp Housing Development Fund Company Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 93rd percentile within NY. Charities of a similar size with the same main cause include Avesta Housing Management Corporation ($10.6m), Excel Development Co Inc ($10.6m) and Southeast Grand St Guild HDF Co Inc Residential Management Assoc Inc ($10.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.0% and program service revenue 96% of the total. Compensation of current officers, directors and key employees was $58k (0.5% of expenses). Other salaries and wages came to $2.2m. At year end it held assets of $57.8m against liabilities of $52.4m, net assets of $5.4m. It reported 35 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.