Center City Housing Corporation

Analysis

Center City Housing Corporation is a registered charity in United States, based in Duluth, MN. It received its IRS tax-exemption ruling in January 1987, 39 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 September 2023, Center City Housing Corporation reported income of $9.7m and spending of $11.5m, spending 119% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $7.6m to $9.7m (+28%), an average of +6.3% a year. The sharpest change came in the year to September 2020, when income rose by 33%. Over the whole period it spent 111% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Center City Housing Corporation sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within MN. Charities of a similar size with the same main cause include Federal Defenders of Eastern Washington and Idaho ($9.7m), Chief Dull Knife College ($9.7m) and Family Life Center ($9.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 30% and program service revenue 70% of the total. Compensation of current officers, directors and key employees was $577k (5.0% of expenses). Other salaries and wages came to $3.9m. At year end it held assets of $55.0m against liabilities of $54.3m, net assets of $694k. It reported 312 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.