Metropolitan Housing Development Corporation

Analysis

Metropolitan Housing Development Corporation is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in April 1995, 31 years ago. 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 June 2023, Metropolitan Housing Development Corporation reported income of $329k and spending of $477k, spending 145% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $241k to $329k (+37%), an average of +8.2% a year. The sharpest change came in the year to June 2021, when income rose by 38%. Over the whole period it spent 167% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Metropolitan Housing Development Corporation sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 63rd percentile within IL. Charities of a similar size with the same main cause include Five Loaves Food and Clothing Center Inc ($329k), New Madison Community Volunteer Fire Department Incorporated ($329k) and Sharon Community Television Inc ($329k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 83% of the total. Compensation of current officers, directors and key employees was $22k (4.6% of expenses). Other salaries and wages came to $32k. At year end it held assets of $3.6m against liabilities of $7.9m, net assets of -$4.3m. It reported 9 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.