Somaltow Housing Company Inc

Analysis

Somaltow Housing Company Inc is a registered charity in United States, based in Albany, NY. It received its IRS tax-exemption ruling in July 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, Somaltow Housing Company Inc reported income of $4.4m and spending of $4.8m, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.8m to $4.4m (+55%), an average of +12% a year. The sharpest change came in the year to December 2023, when income rose by 39%. Over the whole period it spent 122% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Somaltow Housing Company Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 89th percentile within NY. Charities of a similar size with the same main cause include Newtown Community Development Corporation ($4.4m), Sunrise Outreach Center of Yakima ($4.4m) and Leadingage California Foundation ($4.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.5% and program service revenue 91% of the total. At year end it held assets of $12.3m against liabilities of $0, net assets of $12.3m. It reported 27 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.