Watson Street Management & Development Corporation

Analysis

Watson Street Management & Development Corporation is a registered charity in United States, based in Camden, NJ. It received its IRS tax-exemption ruling in April 2021, 5 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, Watson Street Management & Development Corporation reported income of $1.8m and spending of $3.5m, spending 188% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income grew from $151k to $1.8m (+1122%), an average of +65% a year. The sharpest change came in the year to December 2020, when income rose by 340%. Over the whole period it spent 119% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Watson Street Management & Development Corporation sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 87th percentile within NJ. Charities of a similar size with the same main cause include Fair Tide Inc ($1.8m), Charleston Medical Center Housing Corporation ($1.8m) and St Mark Affordable Housing Development Fund Corporation ($1.8m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 57% of the total. Other salaries and wages came to $832k. At year end it held assets of $5.6m against liabilities of $5.8m, net assets of -$187k.

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.