Jennings Terrace Inc

Analysis

Jennings Terrace Inc is a registered charity in United States, based in Greenwich, CT. It received its IRS tax-exemption ruling in June 1951, 75 years ago. 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, Jennings Terrace Inc reported income of $5.3m and spending of $6.1m, spending 116% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.5m to $5.3m (+17%), an average of +4.0% a year. The sharpest change came in the year to June 2021, when income rose by 23%. Over the whole period it spent 108% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Jennings Terrace Inc 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 92nd percentile, and in the 91st percentile within CT. Charities of a similar size with the same main cause include Yale University ($5.3m), Institute for Defense and Business ($5.3m) and Housing Corporation of America ($5.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.8% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $112k (1.8% of expenses). Other salaries and wages came to $2.7m. At year end it held assets of $2.9m against liabilities of $1.0m, net assets of $1.9m. It reported 129 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.