Melrose Affordable Housing Corp

Analysis

Melrose Affordable Housing Corp is a registered charity in United States, based in Melrose, MA. It received its IRS tax-exemption ruling in June 2002, 24 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 December 2023, Melrose Affordable Housing Corp reported income of $283k and spending of $385k, spending 136% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $215k to $283k (+32%), an average of +7.1% a year. The sharpest change came in the year to December 2023, when income rose by 22%. Over the whole period it spent 122% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Melrose Affordable Housing Corp sits at the 45th percentile: it is larger than about 45% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 63rd percentile within MA. Charities of a similar size with the same main cause include Home for Good of Eau Claire Inc ($283k), Haven for Heroes ($283k) and Marshall County Homeless Ministries ($282k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.4% and program service revenue 98% of the total. At year end it held assets of $2.9m against liabilities of $3.2m, net assets of -$238k.

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.