Genesis Housing Corporation

Analysis

Genesis Housing Corporation is a registered charity in United States, based in Norristown, PA. It received its IRS tax-exemption ruling in July 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Genesis Housing Corporation reported income of $1.6m and spending of $1.6m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $594k to $1.6m (+170%), an average of +28% a year. The sharpest change came in the year to June 2023, when income rose by 69%. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Genesis Housing Corporation sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within PA. Charities of a similar size with the same main cause include Foresight Affordable Housing Pennsville Inc ($1.6m), Lyngblomsten Apartments Inc ($1.6m) and Nebraska P E O Home ($1.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 78% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $87k (5.5% of expenses). Other salaries and wages came to $164k. At year end it held assets of $1.2m against liabilities of $217k, net assets of $941k. It reported 4 employees.