Walnut Housing Development Corp

Analysis

Walnut Housing Development Corp is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in November 2002, 24 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 2023, Walnut Housing Development Corp reported income of $85k and spending of $167k, spending 196% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $103k to $85k (-18%), an average of -4.7% a year. The sharpest change came in the year to June 2020, when income rose by 211%. Over the whole period it spent 100% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Walnut Housing Development Corp sits at the 19th percentile: it is larger than about 19% of them. Against every charity in United States with reported income it ranks in the 33rd percentile, and in the 31st percentile within PA. Charities of a similar size with the same main cause include LSS Housing Center Street Inc ($85k), Laurel Quality of Life Inc ($85k) and Pedigo Apartments Inc I ($85k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 92% of the total. Other salaries and wages came to $22k. At year end it held assets of $865k against liabilities of $423k, net assets of $442k.

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.