Summit Housing Development Corporation

Analysis

Summit Housing Development Corporation is a registered charity in United States, based in Cuyahoga FLS, OH. It received its IRS tax-exemption ruling in August 1992, 34 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, Summit Housing Development Corporation reported income of $5.5m and spending of $2.9m, leaving 48% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.5m to $5.5m (+126%), an average of +23% a year. The sharpest change came in the year to December 2021, when income rose by 145%. Over the whole period it spent 58% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Summit Housing Development 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 93rd percentile within OH. Charities of a similar size with the same main cause include The Orchards at Southington Inc ($5.5m), Tenants and Owners Development Corporation ($5.5m) and Coalition for Homeless Intervention and Prevention of Greater Indianap ($5.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 63% of the total. Other salaries and wages came to $491k. At year end it held assets of $30.6m against liabilities of $12.4m, net assets of $18.2m. It reported 10 employees.