Rainbow Housing Assistance Corporation

Analysis

Rainbow Housing Assistance Corporation is a registered charity in United States, based in Glendale, AZ. It received its IRS tax-exemption ruling in November 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 December 2023, Rainbow Housing Assistance Corporation reported income of $5.8m and spending of $4.4m, leaving 24% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.6m to $5.8m (+122%), an average of +22% a year. The sharpest change came in the year to December 2021, when income rose by 65%. Over the whole period it spent 80% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Rainbow Housing Assistance Corporation sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 91st percentile within AZ. Charities of a similar size with the same main cause include Save the Family Foundation of Arizona ($5.8m), Alliance for Housing Oakland County Continuum of Care ($5.8m) and Bridge Housing Corporation - Southern California ($5.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.0% and program service revenue 90% of the total. Compensation of current officers, directors and key employees was $370k (8.4% of expenses). Other salaries and wages came to $2.3m. At year end it held assets of $13.9m against liabilities of $56k, net assets of $13.8m. It reported 97 employees.