Ric Redbud Apartments

Analysis

Ric Redbud Apartments is a registered charity in United States, based in Gastonia, NC. It received its IRS tax-exemption ruling in April 2009, 17 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 June 2023, Ric Redbud Apartments reported income of $95k and spending of $119k, spending 125% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $89k to $95k (+6.3%), an average of +1.5% a year. Over the whole period it spent 132% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Ric Redbud Apartments sits at the 21st percentile: it is larger than about 21% of them. Against every charity in United States with reported income it ranks in the 35th percentile, and in the 33rd percentile within NC. Charities of a similar size with the same main cause include Maxcen Housing Society Inc Texas Branch ($95k), Access Housing of White County Inc ($95k) and Office of People ($95k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 74% and program service revenue 26% of the total. At year end it held assets of $1.0m against liabilities of $1.4m, net assets of -$349k.

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.