Pines at Narragansett Housing Development Fund Company Inc

Analysis

Pines at Narragansett Housing Development Fund Company Inc is a registered charity in United States, based in Croton HDSN, NY. It received its IRS tax-exemption ruling in August 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, Pines at Narragansett Housing Development Fund Company Inc reported income of $1.1m and spending of $1.6m, spending 138% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.0m to $1.1m (+12%), an average of +3.0% a year. The sharpest change came in the year to December 2022, when income rose by 17%. Over the whole period it spent 134% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Pines at Narragansett Housing Development Fund Company Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 77th percentile within NY. Charities of a similar size with the same main cause include Dream Center Indianapolis Inc ($1.1m), Home City Development Inc ($1.1m) and Fair Housing Center of West Michigan ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $1.6m against liabilities of $6.6m, net assets of -$5.0m.

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.