Inez Apartments Inc

Analysis

Inez Apartments Inc is a registered charity in United States, based in Prestonsburg, KY. It received its IRS tax-exemption ruling in February 2005, 21 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 June 2024, Inez Apartments Inc reported income of $143k and spending of $189k, spending 132% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $115k to $143k (+24%), an average of +5.5% a year. The sharpest change came in the year to June 2021, when income rose by 20%. Over the whole period it spent 139% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Inez Apartments Inc sits at the 30th percentile: it is larger than about 30% of them. Against every charity in United States with reported income it ranks in the 46th percentile, and in the 46th percentile within KY. Charities of a similar size with the same main cause include Neighborhood Development Enterprises Inc ($143k), Hope Society Inc ($143k) and Laurel Estates Inc ($143k).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 96% of the total. Other salaries and wages came to $29k. At year end it held assets of $1.5m against liabilities of $13k, net assets of $1.4m. It reported 4 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.