Alverno Apartments Inc

Analysis

Alverno Apartments Inc is a registered charity in United States, based in Pittsburgh, PA. It received its IRS tax-exemption ruling in May 1997, 29 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 December 2023, Alverno Apartments Inc reported income of $473k and spending of $579k, spending 122% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $447k to $473k (+5.9%), an average of +1.4% a year. Over the whole period it spent 121% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Alverno Apartments Inc sits at the 56th percentile: it is larger than about 56% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 67th percentile within PA. Charities of a similar size with the same main cause include Natures Classroom Institute of Wisconsin Inc ($473k), Spring Valley Elderly Housing Inc ($473k) and Ega Hall Housing Development Fund Corporation ($473k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 47% and program service revenue 52% of the total. At year end it held assets of $2.4m against liabilities of $4.2m, net assets of -$1.8m.

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.