Ely Senior Housing Development Corp

Analysis

Ely Senior Housing Development Corp is a registered charity in United States, based in Ely, IA. It received its IRS tax-exemption ruling in August 1986, 40 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 August 2024, Ely Senior Housing Development Corp reported income of $102k and spending of $94k, spending 92% of its income. Across the 5 years on record, from August 2020 to August 2024, income grew from $89k to $102k (+14%), an average of +3.4% a year. The sharpest change came in the year to August 2022, when income rose by 53%. Over the whole period it spent 78% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Ely Senior Housing Development Corp sits at the 23rd percentile: it is larger than about 23% of them. Against every charity in United States with reported income it ranks in the 37th percentile, and in the 36th percentile within IA. Charities of a similar size with the same main cause include Afiig NFP ($102k), Housing Opportunities Corporation of Potter County ($102k) and LH Homes I Inc ($102k).

On its Form 990 for the period ending August 2024, revenue came from program service revenue 98% of the total. Other salaries and wages came to $9,024. At year end it held assets of $288k against liabilities of $192k, net assets of $96k.