Housing Development Corporation Midatlantic

Analysis

Housing Development Corporation Midatlantic is a registered charity in United States, based in Lancaster, PA. It received its IRS tax-exemption ruling in August 2011, 15 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, Housing Development Corporation Midatlantic reported income of $15.9m and spending of $13.4m, spending 84% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $10.8m to $15.9m (+48%), an average of +10% a year. The sharpest change came in the year to December 2023, when income rose by 39%. Over the whole period it spent 94% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Housing Development Corporation Midatlantic sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within PA. Charities of a similar size with the same main cause include Bridge Property Management Company ($15.9m), Irc II Inc ($16.0m) and Century Affordable Development Inc ($15.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 29% and program service revenue 67% of the total. Compensation of current officers, directors and key employees was $659k (4.9% of expenses). Other salaries and wages came to $8.2m. At year end it held assets of $27.2m against liabilities of $9.2m, net assets of $17.9m. It reported 211 employees.