Flagship City Apartments Inc

Analysis

Flagship City Apartments Inc is a registered charity in United States, based in Erie, PA. It received its IRS tax-exemption ruling in December 2010, 16 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, Flagship City Apartments Inc reported income of $67k and spending of $153k, spending 229% of what it took in. Across the 6 years on record, from March 2019 to March 2024, income fell from $90k to $67k (-25%), an average of -5.6% a year. The sharpest change came in the year to March 2024, when income dropped by 27%. Over the whole period it spent 160% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Flagship City Apartments Inc sits at the 15th percentile: it is larger than about 15% of them. Against every charity in United States with reported income it ranks in the 26th percentile, and in the 25th percentile within PA. Charities of a similar size with the same main cause include Northview Residences Inc ($67k), Liberty Community Integration Program Inc ($67k) and Uncle Sams Inc ($67k).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 67% and program service revenue 30% of the total. At year end it held assets of $1.5m against liabilities of $1.9m, 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.