Cornerstone RHF Housing Inc

Analysis

Cornerstone RHF Housing Inc is a registered charity in United States, based in Long Beach, CA. It received its IRS tax-exemption ruling in August 1999, 27 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 March 2024, Cornerstone RHF Housing Inc reported income of $532k and spending of $664k, spending 125% of what it took in. Across the 5 years on record, from March 2020 to March 2024, income grew from $429k to $532k (+24%), an average of +5.5% a year. Over the whole period it spent 119% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cornerstone RHF Housing Inc sits at the 59th percentile: it is larger than about 59% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 73rd percentile within CA. Charities of a similar size with the same main cause include Iowa Tahf ($532k), United Church Residences of Fredonia New York Inc ($532k) and NFP Affordable Housing Corp ($532k).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 55% and program service revenue 43% of the total. At year end it held assets of $2.5m against liabilities of $4.3m, net assets of -$1.8m.

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.