Maryvale Apartments Inc

Analysis

Maryvale Apartments Inc is a registered charity in United States, based in Erie, PA. It received its IRS tax-exemption ruling in August 1994, 32 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 September 2023, Maryvale Apartments Inc reported income of $340k and spending of $390k, spending 114% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $309k to $340k (+10%), an average of +2.4% a year. Over the whole period it spent 117% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Maryvale Apartments Inc sits at the 49th percentile: it is larger than about 49% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 62nd percentile within PA. Charities of a similar size with the same main cause include Prospect Housing Development Fund Corporation ($340k), Odd Fellows & Rebekahs Friendship Towers Inc ($340k) and Quinnipiac Valley Community Development Corporation ($340k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 46% and program service revenue 52% of the total. At year end it held assets of $1.7m against liabilities of $2.9m, net assets of -$1.2m.

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.