Loretto Apartments at Obrien Road Housing Development Fund Co Inc

Analysis

Loretto Apartments at Obrien Road Housing Development Fund Co Inc is a registered charity in United States, based in Syracuse, NY. It received its IRS tax-exemption ruling in June 2013, 13 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, Loretto Apartments at Obrien Road Housing Development Fund Co Inc reported income of $170k and spending of $295k, spending 174% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $163k to $170k (+4.1%), an average of +1.0% a year. Over the whole period it spent 163% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Loretto Apartments at Obrien Road Housing Development Fund Co Inc sits at the 34th percentile: it is larger than about 34% of them. Against every charity in United States with reported income it ranks in the 50th percentile, and in the 48th percentile within NY. Charities of a similar size with the same main cause include Edgewood Village Nonprofit Housing Corporation ($170k), The Institute for Independence ($170k) and Vernon Street Housing Inc ($170k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 99% of the total. Other salaries and wages came to $18k. At year end it held assets of $3.0m against liabilities of $38k, net assets of $2.9m.

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.