FHMC Inc

Analysis

FHMC Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in October 1996, 30 years ago. Its declared purposes cover employment, 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, FHMC Inc reported income of $5.0m and spending of $457k, leaving 91% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.1m to $5.0m (+134%), an average of +24% a year. The sharpest change came in the year to June 2020, when income rose by 194%. Over the whole period it spent 13% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, FHMC Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within NY. Charities of a similar size with the same main cause include Midland Business Alliance Foundation ($5.0m), Boilermaker Alliance Inc ($5.0m) and Santa Cruz Training Programs Inc ($5.0m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 74% of the total. At year end it held assets of $54.8m against liabilities of $4.9m, net assets of $49.9m.