Ridgebury Apartments Inc

Analysis

Ridgebury Apartments Inc is a registered charity in United States, based in Erie, PA. It received its IRS tax-exemption ruling in June 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 March 2024, Ridgebury Apartments Inc reported income of $347k and spending of $485k, spending 140% of what it took in. Across the 6 years on record, from March 2019 to March 2024, income grew from $298k to $347k (+17%), an average of +3.1% a year. Over the whole period it spent 143% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Ridgebury 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 New Orleans Neighborhood Development Foundation ($347k), Ivy Hill Development Corporation ($347k) and Rockport Affordable Housing Inc ($347k).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 34% and program service revenue 62% of the total. At year end it held assets of $3.7m against liabilities of $5.1m, net assets of -$1.4m.

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.