Presbyterian Apartments at 58th Street Inc

Analysis

Presbyterian Apartments at 58th Street Inc is a registered charity in United States, based in Lafayette HL, PA. It received its IRS tax-exemption ruling in September 1995, 31 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, Presbyterian Apartments at 58th Street Inc reported income of $1.3m and spending of $1.4m, spending 114% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.2m to $1.3m (+6.2%), an average of +1.5% a year. Over the whole period it spent 114% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Presbyterian Apartments at 58th Street Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 80th percentile within PA. Charities of a similar size with the same main cause include Civic East 156th Street Corporation ($1.3m), Geriatric Living Solutions ($1.3m) and St Vincent Depaul Mission of Bristol Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 75% and program service revenue 24% of the total. Other salaries and wages came to $177k. At year end it held assets of $7.2m against liabilities of $7.8m, net assets of -$641k. It reported 4 employees.

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.