Laverna Terrace Housing Corporation

Analysis

Laverna Terrace Housing Corporation is a registered charity in United States, based in Mokena, IL. It received its IRS tax-exemption ruling in March 1946, 80 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. 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, Laverna Terrace Housing Corporation reported income of $470k and spending of $542k, spending 115% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $499k to $470k (-5.8%), an average of -1.5% a year. Over the whole period it spent 117% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Laverna Terrace Housing Corporation sits at the 54th percentile: it is larger than about 54% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 69th percentile within IL. Charities of a similar size with the same main cause include Tri-County Community Partnership Inc ($470k), Urmc Health Foundation Inc ($470k) and Wheelchair Classics Charities Inc ($470k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 63% and program service revenue 46% of the total. At year end it held assets of $4.2m against liabilities of $121k, net assets of $4.0m.

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.