The Legacy Midtown Park Inc

Analysis

The Legacy Midtown Park Inc is a registered charity in United States, based in Dallas, TX. It received its IRS tax-exemption ruling in November 2015, 11 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 September 2023, The Legacy Midtown Park Inc reported income of $33.0m and spending of $39.1m, spending 118% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $1.0m to $33.0m (+3146%), an average of +139% a year. The sharpest change came in the year to September 2021, when income rose by 224%. Over the whole period it spent 160% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, The Legacy Midtown Park Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within TX. Charities of a similar size with the same main cause include Colonial Senior Services Inc ($33.0m), Carolina Village Inc ($33.5m) and Christian Relief Services Charities Inc ($32.9m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 13% and program service revenue 85% of the total. Other salaries and wages came to $13.3m. At year end it held assets of $165.1m against liabilities of $167.0m, net assets of -$1.9m. It reported 416 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.