Ric Lincolnton Apartments Inc

Analysis

Ric Lincolnton Apartments Inc is a registered charity in United States, based in Gastonia, NC. It received its IRS tax-exemption ruling in September 2014, 12 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 June 2023, Ric Lincolnton Apartments Inc reported income of $93k and spending of $120k, spending 128% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $80k to $93k (+17%), an average of +4.1% a year. Over the whole period it spent 135% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Ric Lincolnton Apartments Inc 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 Paterson Development & Management Corporation ($93k), Dozier & Dozier Construction Academy Corp ($93k) and Neighborhood Builders Community Development Corporation ($93k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 62% and program service revenue 38% of the total. At year end it held assets of $1.1m against liabilities of $1.5m, net assets of -$354k.

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.