Housing Initiatives of New England

Analysis

Housing Initiatives of New England is a registered charity in United States, based in Scarborough, ME. It received its IRS tax-exemption ruling in June 1991, 35 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, Housing Initiatives of New England reported income of $30.6m and spending of $3.2m, leaving 90% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $6.0m to $30.6m (+407%), an average of +50% a year. The sharpest change came in the year to December 2023, when income rose by 142%. Over the whole period it spent 28% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Housing Initiatives of New England sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within ME. Charities of a similar size with the same main cause include Energy Services Inc ($30.5m), American Youth Hostels Inc ($30.6m) and Center for Community Action ($30.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 3.1% and program service revenue 30% of the total. Compensation of current officers, directors and key employees was $614k (19% of expenses). Other salaries and wages came to $269k. At year end it held assets of $101.5m against liabilities of $3.3m, net assets of $98.3m. It reported 5 employees.