Cardinal Bay Inc

Analysis

Cardinal Bay Inc is a registered charity in United States, based in Katy, TX. It received its IRS tax-exemption ruling in July 2024, 2 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, Cardinal Bay Inc reported income of $42.0m and spending of $45.9m, spending 109% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $39.9m to $42.0m (+5.2%), an average of +1.3% a year. Over the whole period it spent 109% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Cardinal Bay Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within TX. Charities of a similar size with the same main cause include Foundation Communities Inc ($41.3m), Episcopal Communities & Services for Seniors ($42.7m) and Mercy Housing California ($41.1m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 99% of the total. Compensation of current officers, directors and key employees was $80k (0.2% of expenses). Other salaries and wages came to $13.0m. At year end it held assets of $203.5m against liabilities of $224.8m, net assets of -$21.3m.

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.