Cedar Street Apartments

Analysis

Cedar Street Apartments is a registered charity in United States, based in Redwood City, CA. It received its IRS tax-exemption ruling in August 2008, 18 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, Cedar Street Apartments reported income of $191k and spending of $409k, spending 214% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $164k to $191k (+16%), an average of +3.9% a year. The sharpest change came in the year to June 2021, when income rose by 42%. Over the whole period it spent 221% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cedar Street Apartments sits at the 36th percentile: it is larger than about 36% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 55th percentile within CA. Charities of a similar size with the same main cause include Canoga Apartments Corporation ($191k), FF of Kettering Park Three Inc ($191k) and Carlsbad Transitional Housing and Homeless Shelter Inc ($191k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 65% and program service revenue 33% of the total. Other salaries and wages came to $21k. At year end it held assets of $4.9m against liabilities of $3.8m, net assets of $1.0m.

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.