Faith Residence Apartments Inc

Analysis

Faith Residence Apartments Inc is a registered charity in United States, based in Belle Plaine, MN. It received its IRS tax-exemption ruling in January 2004, 22 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, Faith Residence Apartments Inc reported income of $76k and spending of $118k, spending 154% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $79k to $76k (-2.8%), an average of -0.7% a year. Over the whole period it spent 141% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Faith Residence Apartments Inc sits at the 17th percentile: it is larger than about 17% of them. Against every charity in United States with reported income it ranks in the 30th percentile, and in the 27th percentile within MN. Charities of a similar size with the same main cause include Lucy Stone Community Cooperatives Inc ($76k), Community Homebuyers Corporation ($76k) and River Town Heights Inc ($76k).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 98% of the total. Other salaries and wages came to $18k. At year end it held assets of $632k against liabilities of $177k, net assets of $455k.

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.