Lincoln Towers Housing Development Fund Corporation

Analysis

Lincoln Towers Housing Development Fund Corporation is a registered charity in United States, based in Elmsford, NY. It received its IRS tax-exemption ruling in March 1998, 28 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, Lincoln Towers Housing Development Fund Corporation reported income of $2.0m and spending of $2.2m, spending 109% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.9m to $2.0m (+6.5%), an average of +2.1% a year. Over the whole period it spent 113% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lincoln Towers Housing Development Fund Corporation 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 Willow Grove Community Development Corporation ($2.0m), Northwest Louisiana Community Development Corporation ($2.0m) and Housing Navigator Massachusetts Inc ($2.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 77% and program service revenue 21% of the total. Other salaries and wages came to $133k. At year end it held assets of $7.7m against liabilities of $11.4m, net assets of -$3.7m. It reported 2 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.