Community Apartments Corporation of Cleveland County No 2

Analysis

Community Apartments Corporation of Cleveland County No 2 is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in December 2000, 26 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, Community Apartments Corporation of Cleveland County No 2 reported income of $66k and spending of $77k, spending 116% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $67k to $66k (-1.2%), an average of -0.3% a year. Over the whole period it spent 111% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Community Apartments Corporation of Cleveland County No 2 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 26th percentile, and in the 24th percentile within NC. Charities of a similar size with the same main cause include Slotnick Korelitz Charitable Trust ($66k), Spring Hills Homes Inc ($66k) and Pinal Gila Councils Senior Foundation ($66k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 55% and program service revenue 44% of the total. At year end it held assets of $507k against liabilities of $791k, net assets of -$284k.

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.