Bangor Housing Development Corporation

Analysis

Bangor Housing Development Corporation is a registered charity in United States, based in Bangor, ME. It received its IRS tax-exemption ruling in March 1990, 36 years ago. 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, Bangor Housing Development Corporation reported income of $2.7m and spending of $3.0m, spending 113% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $3.6m to $2.7m (-25%), an average of -6.9% a year. The sharpest change came in the year to June 2020, when income dropped by 30%. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Bangor Housing Development Corporation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within ME. Charities of a similar size with the same main cause include Virginia Child Care Resource and Refferal Network ($2.7m), Capitol Broadcasting Association Inc ($2.7m) and Center for Global Health Innovation Inc ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 99% of the total. Other salaries and wages came to $239k. At year end it held assets of $18.4m against liabilities of $15.9m, net assets of $2.5m.

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.