Harmony Village Senior Nonprofit Housing Corporation

Analysis

Harmony Village Senior Nonprofit Housing Corporation is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in May 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Harmony Village Senior Nonprofit Housing Corporation reported income of $435k and spending of $623k, spending 143% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $476k to $435k (-8.8%), an average of -2.3% a year. Over the whole period it spent 131% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Harmony Village Senior Nonprofit Housing Corporation sits at the 54th percentile: it is larger than about 54% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 68th percentile within MI. Charities of a similar size with the same main cause include Los Sures 101 S 3rd Housing Development Fund Corporation ($434k), Nelson Luquer Housing Development Fund Corporation ($435k) and West Town Village Housing Development Fund Company Inc ($434k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 98% of the total. Compensation of current officers, directors and key employees was $56k (9.0% of expenses). Other salaries and wages came to $56k. At year end it held assets of $3.5m against liabilities of $5.4m, net assets of -$2.0m. It reported 2 employees.

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.