The Webster Apartments

Analysis

The Webster Apartments is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in November 1924, 102 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 September 2023, The Webster Apartments reported income of $46.0m and spending of $4.7m, leaving 90% of income unspent that year. Across the 5 years on record, from September 2019 to September 2023, income grew from $7.9m to $46.0m (+483%), an average of +55% a year. The sharpest change came in the year to September 2023, when income rose by 598%. Over the whole period it spent 40% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, The Webster Apartments sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 98th percentile within NY. Charities of a similar size with the same main cause include Federation CCRC Operations Corp ($46.0m), King Farm Presbyterian Retirement ($46.1m) and Presbyterian Village North Forefront Living ($45.9m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.1% and program service revenue 4.5% of the total. Compensation of current officers, directors and key employees was $319k (6.7% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $57.4m against liabilities of $2.4m, net assets of $55.0m. It reported 56 employees.