The Woonsocket Neighborhood Development Corporation

Analysis

The Woonsocket Neighborhood Development Corporation is a registered charity in United States, based in Woonsocket, RI. It received its IRS tax-exemption ruling in October 1993, 33 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 2023, The Woonsocket Neighborhood Development Corporation reported income of $2.6m and spending of $5.3m, spending 200% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.5m to $2.6m (+3.8%), an average of +0.9% a year. The sharpest change came in the year to December 2023, when income dropped by 30%. Over the whole period it spent 110% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, The Woonsocket Neighborhood Development Corporation sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 85th percentile within RI. Charities of a similar size with the same main cause include Interfaith Council for Action Inc ($2.6m), North Side Housing and Supportive Services ($2.6m) and Wartburg Residential Community Inc ($2.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 71% and program service revenue 23% of the total. Compensation of current officers, directors and key employees was $155k (3.0% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $23.6m against liabilities of $20.1m, net assets of $3.5m. It reported 58 employees.