Housing Works Inc

Analysis

Housing Works Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in December 1994, 32 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Housing Works Inc reported income of $51.8m and spending of $56.6m, spending 109% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $28.6m to $51.8m (+81%), an average of +16% a year. The sharpest change came in the year to June 2022, when income rose by 40%. Over the whole period it spent 105% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Housing Works Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 98th percentile within NY. Charities of a similar size with the same main cause include Lexington Center Corporation ($51.7m), Occupational Training Center of Burlington County Inc ($52.2m) and Mosaic Community Services Inc ($51.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 73% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $605k (1.1% of expenses). Other salaries and wages came to $22.7m. At year end it held assets of $37.4m against liabilities of $28.2m, net assets of $9.3m. It reported 738 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.