Elderly Housing Development Corp of Old Saybrook

Analysis

Elderly Housing Development Corp of Old Saybrook is a registered charity in United States, based in Old Saybrook, CT. It received its IRS tax-exemption ruling in January 1987, 39 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, Elderly Housing Development Corp of Old Saybrook reported income of $346k and spending of $486k, spending 140% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income grew from $334k to $346k (+3.6%), an average of +0.7% a year. Over the whole period it spent 120% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Elderly Housing Development Corp of Old Saybrook sits at the 49th percentile: it is larger than about 49% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 61st percentile within CT. Charities of a similar size with the same main cause include United Church Village Inc ($346k), Hills and Rivers Housing Trust ($347k) and Angela Westover Housing Corporation ($346k).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 98% of the total. Other salaries and wages came to $32k. At year end it held assets of $3.8m against liabilities of $3.8m, net assets of $21k.

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.