Gateway Homes Inc

Analysis

Gateway Homes Inc is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in February 1987, 39 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Gateway Homes Inc reported income of $20.8m and spending of $17.5m, spending 84% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $10.3m to $20.8m (+102%), an average of +19% a year. The sharpest change came in the year to September 2021, when income rose by 40%. Over the whole period it spent 92% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Gateway Homes Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within VA. Charities of a similar size with the same main cause include North East Community Action Corporation ($20.8m), Massachusetts Military Support Foundation Inc ($20.8m) and Westbay Community Action Inc ($20.8m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 22% and program service revenue 77% of the total. Compensation of current officers, directors and key employees was $636k (3.6% of expenses). Other salaries and wages came to $10.2m. It paid $20k in professional fundraising fees. At year end it held assets of $14.7m against liabilities of $4.3m, net assets of $10.4m. It reported 452 employees.