Fairfax Renaissance Development Corporation

Analysis

Fairfax Renaissance Development Corporation is a registered charity in United States, based in Cleveland, OH. It received its IRS tax-exemption ruling in January 1993, 33 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Fairfax Renaissance Development Corporation reported income of $1.5m and spending of $3.4m, spending 233% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.0m to $1.5m (-52%), an average of -17% a year. The sharpest change came in the year to December 2023, when income dropped by 56%. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Fairfax Renaissance Development Corporation sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 83rd percentile within OH. Charities of a similar size with the same main cause include Sherman Way Senior Citizen Housing Corporation ($1.5m), Verdugo Tower Inc ($1.5m) and South Bronx Housing Development Fund Co Inc ($1.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 84% and program service revenue 27% of the total. Compensation of current officers, directors and key employees was $151k (4.4% of expenses). Other salaries and wages came to $833k. At year end it held assets of $23.2m against liabilities of $8.9m, net assets of $14.3m. It reported 24 employees.