Morristown Area Development Corporation

Analysis

Morristown Area Development Corporation is a registered charity in United States, based in Morristown, NY. It received its IRS tax-exemption ruling in March 1992, 34 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 December 2023, Morristown Area Development Corporation reported income of $113k and spending of $103k, spending 91% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $102k to $113k (+11%), an average of +11% a year. Over the whole period it spent 99% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Morristown Area Development Corporation sits at the 25th percentile: it is larger than about 25% of them. Against every charity in United States with reported income it ranks in the 40th percentile, and in the 39th percentile within NY. Charities of a similar size with the same main cause include Financial Institutions Housing Opportunity Pool ($113k), Franklin Foundation of Liberty Square Inc ($113k) and Project Outreach Inc ($113k).

On its Form 990-EZ for the period ending December 2023, revenue came from program service revenue 99% of the total. At year end it held assets of $329k against liabilities of $355k, net assets of -$25k.