Otsego Senior Apartments

Analysis

Otsego Senior Apartments is a registered charity in United States, based in Otsego, MI. It received its IRS tax-exemption ruling in March 1946, 80 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 December 2023, Otsego Senior Apartments reported income of $592k and spending of $475k, spending 80% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $515k to $592k (+15%), an average of +3.5% a year. The sharpest change came in the year to December 2020, when income rose by 24%. Over the whole period it spent 80% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Otsego Senior Apartments sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 73rd percentile within MI. Charities of a similar size with the same main cause include Unity Catholic High School ($592k), Villa Maria Education and Spirituality Center ($592k) and Coordinating Council for Health and Welfare ($592k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 58% and program service revenue 33% of the total. Other salaries and wages came to $155k. At year end it held assets of $1.4m against liabilities of $219k, net assets of $1.1m.