178th Street Housing Development Fund Corporation

Analysis

178th Street Housing Development Fund Corporation is a registered charity in United States, based in Bronx, NY. It received its IRS tax-exemption ruling in September 1981, 45 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 2023, 178th Street Housing Development Fund Corporation reported income of $2.0m and spending of $2.3m, spending 116% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.9m to $2.0m (+6.3%), an average of +1.5% a year. The sharpest change came in the year to June 2021, when income dropped by 115%. Over the whole period it spent 121% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, 178th Street Housing Development Fund Corporation sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 83rd percentile within NY. Charities of a similar size with the same main cause include The Development Corporation of Tarrant County ($2.0m), Augustana Apts of Hastings ($2.0m) and Older Americans Satellite Housing Inc ($2.0m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $100k. At year end it held assets of $1.6m against liabilities of $8.0m, net assets of -$6.4m. It reported 6 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.