Midpen Housing Corporation

Analysis

Midpen Housing Corporation is a registered charity in United States, based in Foster City, CA. It received its IRS tax-exemption ruling in January 1971, 55 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, Midpen Housing Corporation reported income of $55.7m and spending of $36.5m, leaving 35% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $46.0m to $55.7m (+21%), an average of +4.9% a year. The sharpest change came in the year to December 2020, when income rose by 42%. Over the whole period it spent 51% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Midpen Housing Corporation sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within CA. Charities of a similar size with the same main cause include Concordia Lutheran Ministries of Pittsburgh ($55.5m), Vermont Housing Finance Agency ($55.9m) and Eagles Trace Inc ($55.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 45% and program service revenue 45% of the total. Other salaries and wages came to $15.4m. At year end it held assets of $339.1m against liabilities of $52.6m, net assets of $286.4m.