The Promesa Housing Development Fund Corporation

Analysis

The Promesa Housing Development Fund Corporation is a registered charity in United States, based in Bronx, NY. It received its IRS tax-exemption ruling in June 1992, 34 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 December 2023, The Promesa Housing Development Fund Corporation reported income of $7.8m and spending of $9.7m, spending 125% of what it took in. Across the 3 years on record, from December 2019 to December 2023, income fell from $12.7m to $7.8m (-39%), an average of -22% a year. The sharpest change came in the year to December 2022, when income dropped by 37%. Over the whole period it spent 102% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, The Promesa Housing Development Fund Corporation 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 94th percentile, and in the 92nd percentile within NY. Charities of a similar size with the same main cause include Pacific Community Ventures ($7.7m), Life House ($7.8m) and 211 Tampa Bay Cares Inc ($7.7m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $657k (6.8% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $46.5m against liabilities of $35.3m, net assets of $11.2m. It reported 37 employees.