Nazareth Housing Development

Analysis

Nazareth Housing Development is a registered charity in United States, based in Akron, OH. It received its IRS tax-exemption ruling in June 2001, 25 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, Nazareth Housing Development reported income of $507k and spending of $588k, spending 116% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $599k to $507k (-15%), an average of -4.1% a year. The sharpest change came in the year to December 2022, when income rose by 47%. 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, Nazareth Housing Development sits at the 58th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 71st percentile within OH. Charities of a similar size with the same main cause include Wider Path Home Foundation ($507k), Mansfield Memorial Home Apartments ($507k) and Greater Stonington Realty Corporation ($507k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.5% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $60k (10% of expenses). Other salaries and wages came to $23k. At year end it held assets of $1.3m against liabilities of $172k, net assets of $1.1m. It reported 2 employees.

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.