722 Henry Street Apartments Housing Development Fund Corporation

Analysis

722 Henry Street Apartments Housing Development Fund Corporation is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in August 2014, 12 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 June 2023, 722 Henry Street Apartments Housing Development Fund Corporation reported income of $206k and spending of $287k, spending 139% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $231k to $206k (-11%), an average of -2.8% a year. The sharpest change came in the year to June 2022, when income dropped by 27%. Over the whole period it spent 140% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, 722 Henry Street Apartments Housing Development Fund Corporation sits at the 38th percentile: it is larger than about 38% of them. Against every charity in United States with reported income it ranks in the 54th percentile, and in the 52nd percentile within NY. Charities of a similar size with the same main cause include MBCDC Fernwood Apartments Inc ($206k), Olde Town Village Housing Inc ($206k) and Ecology House Inc ($206k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $21k. At year end it held assets of $920k against liabilities of $2.0m, net assets of -$1.1m.

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.