128 Place Inc

Analysis

128 Place Inc is a registered charity in United States, based in St Petersburg, FL. It received its IRS tax-exemption ruling in June 2002, 24 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, 128 Place Inc reported income of $90k and spending of $130k, spending 145% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $233k to $90k (-62%), an average of -21% a year. The sharpest change came in the year to June 2020, when income dropped by 65%. 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, 128 Place Inc sits at the 20th percentile: it is larger than about 20% of them. Against every charity in United States with reported income it ranks in the 34th percentile, and in the 37th percentile within FL. Charities of a similar size with the same main cause include Southwood Housing Development Corporation ($90k), Clover Manor Inc ($90k) and Advent Community Development Corporation ($90k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 52% and program service revenue 47% of the total. Other salaries and wages came to $12k. At year end it held assets of $900k against liabilities of $1.3m, net assets of -$395k.

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.