Armi Housing Corporation

Analysis

Armi Housing Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in July 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Armi Housing Corporation reported income of $364k and spending of $577k, spending 159% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $319k to $364k (+14%), an average of +3.3% a year. Over the whole period it spent 139% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Armi Housing Corporation sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 61st percentile within NY. Charities of a similar size with the same main cause include Imsa Educational Foundation ($364k), Community Investment Fund of Indiana Inc ($364k) and Jackson Hill Main Street Management Corporation ($364k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 73% and program service revenue 27% of the total. At year end it held assets of $1.2m against liabilities of $3.3m, net assets of -$2.1m.

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.