Terrace Homes Inc

Analysis

Terrace Homes Inc is a registered charity in United States, based in Malvern, AR. It received its IRS tax-exemption ruling in September 1991, 35 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, Terrace Homes Inc reported income of $76k and spending of $77k, spending 101% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $67k to $76k (+13%), an average of +13% a year. Over the whole period it spent 104% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Terrace Homes Inc sits at the 17th percentile: it is larger than about 17% of them. Against every charity in United States with reported income it ranks in the 30th percentile, and in the 28th percentile within AR. Charities of a similar size with the same main cause include Passavant Memorial Homes VII ($76k), Bridge East 5 Corporation ($76k) and Milligan Housing for the Elderly and Handicapped of Bristol Inc ($76k).

On its Form 990-EZ for the period ending December 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $193k against liabilities of $21k, net assets of $172k.