Oldetowne Homes Inc

Analysis

Oldetowne Homes Inc is a registered charity in United States, based in Frederick, MD. It received its IRS tax-exemption ruling in April 1997, 29 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 June 2023, Oldetowne Homes Inc reported income of $67k and spending of $104k, spending 154% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $69k to $67k (-1.6%), an average of -0.5% a year. Over the whole period it spent 128% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Oldetowne Homes Inc sits at the 15th percentile: it is larger than about 15% of them. Against every charity in United States with reported income it ranks in the 27th percentile, and in the 28th percentile within MD. Charities of a similar size with the same main cause include Shepard Apartments Inc ($67k), Long Beach Hope Housing Corporation ($67k) and Habitat for Humanity International Inc ($67k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 65% and program service revenue 35% of the total. At year end it held assets of $414k against liabilities of $676k, net assets of -$262k.

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.