Canaan Baptist Housing Development Fund Corp

Analysis

Canaan Baptist Housing Development Fund Corp is a registered charity in United States, based in Queens VLG, NY. It received its IRS tax-exemption ruling in September 1994, 32 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 Baptist Housing Development Fund Corp reported income of $2.4m and spending of $2.1m, spending 87% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.6m to $2.4m (+47%), an average of +10% a year. The sharpest change came in the year to December 2023, when income rose by 32%. Over the whole period it spent 105% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Canaan Baptist Housing Development Fund Corp sits at the 87th percentile: it is larger than about 86% 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 West End House Camp Inc ($2.4m), Congregation of the Sisters of St Joseph Ministries Inc ($2.4m) and Northern Nevada Joint Apprentice & Training Comm for Elec Industry ($2.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.9% and program service revenue 98% of the total. Other salaries and wages came to $260k. At year end it held assets of $6.1m against liabilities of $8.8m, net assets of -$2.7m. It reported 5 employees.