Providence Place III Inc

Analysis

Providence Place III Inc is a registered charity in United States, based in Southern Pnes, NC. It received its IRS tax-exemption ruling in November 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 September 2023, Providence Place III Inc reported income of $190k and spending of $266k, spending 140% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $178k to $190k (+6.4%), an average of +1.6% a year. Over the whole period it spent 135% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Providence Place III Inc sits at the 36th percentile: it is larger than about 36% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 50th percentile within NC. Charities of a similar size with the same main cause include Jubilee Ministries Inc ($190k), Pine Woods Apartments Inc ($190k) and St Mary Magdlene Apartments Inc ($189k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 43% and program service revenue 58% of the total. At year end it held assets of $1.2m against liabilities of $2.8m, net assets of -$1.6m.

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.