Omni Development Corporation

Analysis

Omni Development Corporation is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in December 1986, 40 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, Omni Development Corporation reported income of $4.5m and spending of $3.5m, leaving 22% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $28.0m to $4.5m (-84%), an average of -37% a year. The sharpest change came in the year to December 2020, when income dropped by 84%. Over the whole period it spent 35% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Omni Development Corporation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 89th percentile within RI. Charities of a similar size with the same main cause include Habitat for Humanity International Inc ($4.5m), Ingersoll Adult Home Inc ($4.5m) and St Ambrose Housing Aid Center Inc ($4.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 3.1% and program service revenue 69% of the total. Compensation of current officers, directors and key employees was $153k (4.3% of expenses). Other salaries and wages came to $555k. At year end it held assets of $55.0m against liabilities of $15.9m, net assets of $39.1m. It reported 8 employees.