Homespace Corporation

Analysis

Homespace Corporation is a registered charity in United States, based in Buffalo, NY. It received its IRS tax-exemption ruling in August 1991, 35 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 December 2023, Homespace Corporation reported income of $4.1m and spending of $4.0m, spending 96% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.4m to $4.1m (+21%), an average of +4.9% a year. The sharpest change came in the year to December 2023, when income rose by 16%. Over the whole period it spent 96% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homespace Corporation sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 88th percentile within NY. Charities of a similar size with the same main cause include JL Young Apartments ($4.1m), Housing Oriented Ministries Established for Services Inc ($4.1m) and Newvue Communities Inc ($4.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 6.5% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $202k (5.1% of expenses). Other salaries and wages came to $2.2m. At year end it held assets of $3.7m against liabilities of $217k, net assets of $3.5m. It reported 75 employees.