Forest Lane Apartments Inc

Analysis

Forest Lane Apartments Inc is a registered charity in United States, based in St Petersburg, FL. It received its IRS tax-exemption ruling in June 1994, 32 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, Forest Lane Apartments Inc reported income of $132k and spending of $196k, spending 149% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $114k to $132k (+16%), an average of +3.8% a year. The sharpest change came in the year to June 2020, when income rose by 42%. 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, Forest Lane Apartments Inc sits at the 29th percentile: it is larger than about 28% of them. Against every charity in United States with reported income it ranks in the 44th percentile, and in the 48th percentile within FL. Charities of a similar size with the same main cause include Snoqualmie Valley Ministerial Association ($132k), Deerbrook Apartments Inc ($132k) and King-Dishman Affordable Housing ($132k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 39% and program service revenue 60% of the total. Other salaries and wages came to $12k. At year end it held assets of $586k against liabilities of $1.4m, net assets of -$839k.

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.