Regenesis Community Developement Corporation

Analysis

Regenesis Community Developement Corporation is a registered charity in United States, based in Spartanburg, SC. It received its IRS tax-exemption ruling in October 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 (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 2022, Regenesis Community Developement Corporation reported income of $70k and spending of $159k, spending 229% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $152k to $70k (-54%), an average of -23% a year. The sharpest change came in the year to December 2020, when income dropped by 72%. Over the whole period it spent 167% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Regenesis Community Developement Corporation sits at the 16th percentile: it is larger than about 16% of them. Against every charity in United States with reported income it ranks in the 27th percentile, and in the 34th percentile within SC. Charities of a similar size with the same main cause include Hopeful Solution ($70k), Recovery Resources Inc ($70k) and Spectrum Haworth Home Inc ($70k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 2.4% and program service revenue 94% of the total. Other salaries and wages came to $56k. At year end it held assets of $1.9m against liabilities of $1.3m, net assets of $584k. 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.