Community Apartments Corporation of Metrolina 7

Analysis

Community Apartments Corporation of Metrolina 7 is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in April 2005, 21 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 Metrolina 7 reported income of $73k and spending of $94k, spending 129% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $64k to $73k (+14%), an average of +3.4% a year. Over the whole period it spent 130% 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 Metrolina 7 sits at the 16th percentile: it is larger than about 16% of them. Against every charity in United States with reported income it ranks in the 29th percentile, and in the 27th percentile within NC. Charities of a similar size with the same main cause include Calloway Street One Inc ($73k), Palmetto Breeze Apartments Inc ($73k) and City First Homes Inc ($73k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 53% and program service revenue 47% of the total. At year end it held assets of $570k against liabilities of $896k, net assets of -$326k.

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.