Cumberland Gardens Housing Development Fund Company Inc

Analysis

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

In the financial year ending June 2023, Cumberland Gardens Housing Development Fund Company Inc reported income of $2.1m and spending of $1.9m, spending 90% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.3m to $2.1m (+63%), an average of +13% a year. The sharpest change came in the year to June 2021, when income rose by 31%. Over the whole period it spent 93% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cumberland Gardens Housing Development Fund Company Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 83rd percentile within NY. Charities of a similar size with the same main cause include Justice Housing Inc ($2.1m), Midwest Housing Collaborative Inc ($2.1m) and Mhany 1999 II Housing Development Fund Corp ($2.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 84% and program service revenue 15% of the total. Other salaries and wages came to $297k. At year end it held assets of $8.4m against liabilities of $11.8m, net assets of -$3.4m. It reported 7 employees.