Canaan Housing Development Fund Corporation

Analysis

Canaan Housing Development Fund Corporation is a registered charity in United States, based in Queens VLG, NY. It received its IRS tax-exemption ruling in January 1982, 44 years ago. 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, Canaan Housing Development Fund Corporation reported income of $2.4m and spending of $2.0m, spending 83% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.8m to $2.4m (+31%), an average of +7.0% a year. The sharpest change came in the year to December 2023, when income rose by 21%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Canaan Housing Development Fund Corporation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 84th percentile within NY. Charities of a similar size with the same main cause include Police Athletic League of Jacksonville Inc ($2.4m), Lutherans Outdoors in South Dakota Inc ($2.4m) and Chicago Rowing Foundation ($2.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.1% and program service revenue 98% of the total. Other salaries and wages came to $301k. At year end it held assets of $3.6m against liabilities of $7.2m, net assets of -$3.6m. It reported 4 employees.