Midway Apartments Inc

Analysis

Midway Apartments Inc is a registered charity in United States, based in Cedar Rapids, IA. It received its IRS tax-exemption ruling in January 2000, 26 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 December 2023, Midway Apartments Inc reported income of $63k and spending of $93k, spending 148% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $54k to $63k (+16%), an average of +3.9% a year. Over the whole period it spent 135% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Midway Apartments Inc sits at the 14th percentile: it is larger than about 14% of them. Against every charity in United States with reported income it ranks in the 25th percentile, and in the 22nd percentile within IA. Charities of a similar size with the same main cause include Emmanuel Promise of Hope Inc ($63k), Evesham Section 811 Housing Corporation ($63k) and Living in Victory Ministries Inc ($63k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 12% and program service revenue 87% of the total. At year end it held assets of $448k against liabilities of $688k, net assets of -$240k.

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.