Hobart Housing Corporation

Analysis

Hobart Housing Corporation is a registered charity in United States, based in Bayonne, NJ. It received its IRS tax-exemption ruling in September 2015, 11 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, Hobart Housing Corporation reported income of $89k and spending of $132k, spending 148% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $769k to $89k (-88%), an average of -42% a year. The sharpest change came in the year to December 2020, when income dropped by 90%. Over the whole period it spent 53% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Hobart Housing Corporation sits at the 20th percentile: it is larger than about 20% of them. Against every charity in United States with reported income it ranks in the 34th percentile, and in the 42nd percentile within NJ. Charities of a similar size with the same main cause include Homeward Bound Housing Corporation ($89k), Advent Community Development Corporation ($90k) and Adams Bodine Apartments Inc ($89k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $2.5m against liabilities of $317k, net assets of $2.2m.

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.