PHM New Richmond Senior Housing Inc

Analysis

PHM New Richmond Senior Housing Inc is a registered charity in United States, based in Roseville, MN. It received its IRS tax-exemption ruling in October 1997, 29 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, PHM New Richmond Senior Housing Inc reported income of $9.8m and spending of $10.1m, spending 103% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $8.3m to $9.8m (+19%), an average of +4.4% a year. Over the whole period it spent 110% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, PHM New Richmond Senior Housing Inc 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 People Working Cooperatively Inc ($9.8m), Wesley Homes Pierce County ($9.9m) and Affordable Homes of South Texas Inc ($9.8m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 1.4% and program service revenue 96% of the total. Other salaries and wages came to $5.0m. At year end it held assets of $20.4m against liabilities of $28.2m, net assets of -$7.7m.

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.