West Elmwood Housing Development Corp

Analysis

West Elmwood Housing Development Corp is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in December 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 (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, West Elmwood Housing Development Corp reported income of $1.6m and spending of $1.7m, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.5m to $1.6m (+2.9%), an average of +0.7% a year. The sharpest change came in the year to December 2020, when income rose by 65%. Over the whole period it spent 104% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, West Elmwood Housing Development Corp 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 80th percentile within RI. Charities of a similar size with the same main cause include Spartan Housing Cooperative Inc ($1.6m), Cornerstone Child Care Center ($1.6m) and Neighborhood Housing Services Oklahoma City Inc ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 4.0% of the total. Compensation of current officers, directors and key employees was $100k (5.8% of expenses). Other salaries and wages came to $747k. At year end it held assets of $1.6m against liabilities of $1.7m, net assets of -$96k. It reported 25 employees.