MRC Melrose Housing Development Fund Corporation

Analysis

MRC Melrose Housing Development Fund Corporation is a registered charity in United States, based in Bronx, NY. It received its IRS tax-exemption ruling in February 2022, 4 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, MRC Melrose Housing Development Fund Corporation reported income of $544k and spending of $644k, spending 118% of what it took in. Across the 6 years on record, from June 2018 to June 2023, income grew from $514k to $544k (+5.9%), an average of +1.2% a year. Over the whole period it spent 111% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, MRC Melrose Housing Development Fund Corporation sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 67th percentile within NY. Charities of a similar size with the same main cause include Angel House of Georgia Inc ($544k), Italian American Housing Development Fund Company Inc ($544k) and Abundance Foundation Inc ($544k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $3.7m against liabilities of $4.1m, net assets of -$454k.

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.