Moffat Gardens Housing Development Fund Corporation Inc

Analysis

Moffat Gardens Housing Development Fund Corporation Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in September 2012, 14 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, Moffat Gardens Housing Development Fund Corporation Inc reported income of $935k and spending of $1.4m, spending 146% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.0m to $935k (-9.0%), an average of -2.3% a year. Over the whole period it spent 133% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Moffat Gardens Housing Development Fund Corporation Inc sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 74th percentile within NY. Charities of a similar size with the same main cause include Philadelphia Presbytery Apartments Inc ($935k), Volunteers of America Inc ($937k) and Wallkill Senior Housing Development Fund Company Inc ($935k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 73% and program service revenue 26% of the total. At year end it held assets of $14.6m against liabilities of $18.8m, net assets of -$4.2m.

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.