Mdbm-Drake Senior Housing Corporation

Analysis

Mdbm-Drake Senior Housing Corporation is a registered charity in United States, based in Farmingtn HLS, MI. It received its IRS tax-exemption ruling in May 2008, 18 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, Mdbm-Drake Senior Housing Corporation reported income of $1.4m and spending of $1.2m, spending 83% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $975k to $1.4m (+46%), an average of +9.9% a year. The sharpest change came in the year to December 2022, when income rose by 31%. Over the whole period it spent 101% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Mdbm-Drake Senior Housing Corporation sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 83rd percentile within MI. Charities of a similar size with the same main cause include Hale Mahaolu Akahi Inc ($1.4m), MCH Inc ($1.4m) and Live Rite Structured Recovery Corp ($1.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 70% and program service revenue 30% of the total. Compensation of current officers, directors and key employees was $44k (3.7% of expenses). Other salaries and wages came to $268k. At year end it held assets of $1.7m against liabilities of $3.4m, net assets of -$1.7m.