Providence Housing Development Corporation

Analysis

Providence Housing Development Corporation is a registered charity in United States, based in Rochester, NY. It received its IRS tax-exemption ruling in March 1946, 80 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, Providence Housing Development Corporation reported income of $5.3m and spending of $5.2m, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.4m to $5.3m (+21%), an average of +4.8% a year. The sharpest change came in the year to December 2021, when income rose by 84%. Over the whole period it spent 90% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Providence Housing Development Corporation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within NY. Charities of a similar size with the same main cause include Simpson Senior Services ($5.3m), Claremont Investment Management Company ($5.4m) and Burten Bell Carr Development Inc ($5.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 58% and program service revenue 37% of the total. Compensation of current officers, directors and key employees was $377k (7.3% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $12.4m against liabilities of $1.7m, net assets of $10.7m. It reported 88 employees.