Valley Residential Services Inc

Analysis

Valley Residential Services Inc is a registered charity in United States, based in Herkimer, NY. It received its IRS tax-exemption ruling in July 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 December 2023, Valley Residential Services Inc reported income of $2.8m and spending of $3.4m, spending 122% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.0m to $2.8m (+41%), an average of +9.0% a year. The sharpest change came in the year to December 2023, when income rose by 31%. Over the whole period it spent 137% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Valley Residential Services Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 85th percentile within NY. Charities of a similar size with the same main cause include Housing Assistance Corporation ($2.8m), Puertorriguenos Asociados for Community Organization Inc ($2.8m) and Jackson Street Youth Shelter Inc ($2.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.3% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $98k (2.9% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $8.8m against liabilities of $6.3m, net assets of $2.6m. It reported 54 employees.

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.