Lyngblomsten Apartments Inc

Analysis

Lyngblomsten Apartments Inc is a registered charity in United States, based in Saint Paul, MN. It received its IRS tax-exemption ruling in January 1979, 47 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Lyngblomsten Apartments Inc reported income of $1.6m and spending of $1.7m, spending 107% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.2m to $1.6m (+29%), an average of +6.6% a year. The sharpest change came in the year to December 2023, when income rose by 18%. Over the whole period it spent 115% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lyngblomsten Apartments Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within MN. Charities of a similar size with the same main cause include Genesis Housing Corporation ($1.6m), Turning Point Housing Development Fund Corporation ($1.6m) and Foresight Affordable Housing Pennsville Inc ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 10% and program service revenue 89% of the total. Other salaries and wages came to $413k. At year end it held assets of $2.0m against liabilities of $4.1m, net assets of -$2.1m.

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.