Ocean City 2406 Inc

Analysis

Ocean City 2406 Inc is a registered charity in United States, based in Neptune, NJ. It received its IRS tax-exemption ruling in December 1985, 41 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 2023, Ocean City 2406 Inc reported income of $1.3m and spending of $1.3m, spending 101% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.2m to $1.3m (+9.3%), an average of +2.2% a year. Over the whole period it spent 92% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Ocean City 2406 Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 84th percentile within NJ. Charities of a similar size with the same main cause include Brookside Community Development Corporation ($1.3m), Casa Valentina Inc ($1.3m) and East Salem Homes Inc ($1.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 13% and program service revenue 87% of the total. Other salaries and wages came to $266k. At year end it held assets of $5.9m against liabilities of $5.4m, net assets of $502k. It reported 5 employees.