Porter Avenue Housing Development Fund Corporation

Analysis

Porter Avenue Housing Development Fund Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in May 2003, 23 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 June 2023, Porter Avenue Housing Development Fund Corporation reported income of $1.5m and spending of $1.9m, spending 128% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.5m to $1.5m (+0.0%), an average of +0.0% a year. Over the whole period it spent 136% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Porter Avenue Housing Development Fund Corporation sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 80th percentile within NY. Charities of a similar size with the same main cause include Dock Village Inc ($1.5m), Brookdale Residence Housing Development Fund Corporation ($1.5m) and Geel Community Union Avenue Housing Development Fund Corporation ($1.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $2,850. At year end it held assets of $10.0m against liabilities of $16.5m, net assets of -$6.5m.

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.