Narragansett Housing Development Fund Corp

Analysis

Narragansett Housing Development Fund Corp is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in January 1993, 33 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Narragansett Housing Development Fund Corp reported income of $2.5m and spending of $2.6m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.4m to $2.5m (+3.6%), an average of +0.9% a year. Over the whole period it spent 108% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Narragansett Housing Development Fund Corp sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 85th percentile within NY. Charities of a similar size with the same main cause include Macomb County Rotating Emergency Shelter Team ($2.5m), Hilltop House Inc ($2.5m) and Westerly-Area-Rest-Meals-Warm-Inc ($2.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 73% and program service revenue 11% of the total. Other salaries and wages came to $1.1m. At year end it held assets of $9.1m against liabilities of $11.6m, net assets of -$2.5m. It reported 13 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.