Magnificat Home Inc

Analysis

Magnificat Home Inc is a registered charity in United States, based in Jersey City, NJ. It received its IRS tax-exemption ruling in April 2008, 18 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, Magnificat Home Inc reported income of $188k and spending of $155k, spending 82% of its income. Across the 6 years on record, from December 2018 to December 2023, income fell from $415k to $188k (-55%), an average of -15% a year. The sharpest change came in the year to December 2023, when income dropped by 47%. Over the whole period it spent 99% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Magnificat Home Inc sits at the 36th percentile: it is larger than about 36% of them. Against every charity in United States with reported income it ranks in the 52nd percentile, and in the 59th percentile within NJ. Charities of a similar size with the same main cause include Bingham Housing Incorporated ($188k), Kansas Supportive Housing Inc ($189k) and Franklin Foundation of Kettering Park Two Inc ($188k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 31% and program service revenue 69% of the total. At year end it held assets of $65k against liabilities of $0, net assets of $65k.