Saco Housing Development Corp

Analysis

Saco Housing Development Corp is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in October 1976, 50 years ago. 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, Saco Housing Development Corp reported income of $937k and spending of $994k, spending 106% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $257k to $937k (+265%), an average of +38% a year. The sharpest change came in the year to December 2022, when income rose by 716%. Over the whole period it spent 56% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Saco Housing Development Corp sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 75th percentile within ME. Charities of a similar size with the same main cause include World Gospel Mission ($937k), Epic Youth Education Inc ($937k) and Florida United Soccer Club Inc ($937k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 39% and program service revenue 59% of the total. At year end it held assets of $7.1m against liabilities of $5.4m, net assets of $1.7m.