Empire Housing and Development Corporation

Analysis

Empire Housing and Development Corporation is a registered charity in United States, based in Syracuse, NY. It received its IRS tax-exemption ruling in January 1995, 31 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, Empire Housing and Development Corporation reported income of $319k and spending of $420k, spending 132% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $237k to $319k (+35%), an average of +7.7% a year. The sharpest change came in the year to December 2020, when income rose by 49%. Over the whole period it spent 118% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Empire Housing and Development Corporation sits at the 47th percentile: it is larger than about 47% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 59th percentile within NY. Charities of a similar size with the same main cause include Byrne Manor Housing Development Fund Company Inc ($319k), Normandale Housing Corporation ($319k) and Casa de Amigos of Willacy County Inc ($319k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 29% and program service revenue 69% of the total. Compensation of current officers, directors and key employees was $209k (50% of expenses). Other salaries and wages came to $25k. At year end it held assets of $383k against liabilities of $493k, net assets of -$111k. It reported 3 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.