Olm Senior Housing Development Fund Corporation

Analysis

Olm Senior Housing Development Fund Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in August 1996, 30 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, Olm Senior Housing Development Fund Corporation reported income of $991k and spending of $1.0m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $778k to $991k (+27%), an average of +6.2% a year. The sharpest change came in the year to December 2023, when income rose by 21%. Over the whole period it spent 106% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Olm Senior Housing Development Fund Corporation sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 75th percentile within NY. Charities of a similar size with the same main cause include Direction61 3 ($991k), The Westminster Canterbury of Lynchburg Foundation Inc ($992k) and St Bernard II ($991k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 78% and program service revenue 20% of the total. At year end it held assets of $3.7m against liabilities of $5.2m, net assets of -$1.5m.

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.