Morselife Housing Corporation Inc

Analysis

Morselife Housing Corporation Inc is a registered charity in United States, based in West Palm BCH, FL. It received its IRS tax-exemption ruling in November 2000, 26 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 May 2023, Morselife Housing Corporation Inc reported income of $28.8m and spending of $32.6m, spending 113% of what it took in. Across the 5 years on record, from May 2019 to May 2023, income grew from $21.1m to $28.8m (+36%), an average of +8.0% a year. Over the whole period it spent 117% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Morselife Housing Corporation Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within FL. Charities of a similar size with the same main cause include Community Living Inc ($28.8m), Newport News Baptist Retirement Community Inc ($28.8m) and Hinds Hospice ($28.7m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 4.7% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $286k (0.9% of expenses). Other salaries and wages came to $9.6m. At year end it held assets of $154.6m against liabilities of $149.9m, net assets of $4.7m. It reported 347 employees.

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.