MBCDC Fernwood Apartments Inc

Analysis

MBCDC Fernwood Apartments Inc is a registered charity in United States, based in Panama City, FL. It received its IRS tax-exemption ruling in April 1999, 27 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, MBCDC Fernwood Apartments Inc reported income of $206k and spending of $233k, spending 113% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $194k to $206k (+5.9%), an average of +1.4% a year. Over the whole period it spent 139% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, MBCDC Fernwood Apartments Inc sits at the 38th percentile: it is larger than about 38% of them. Against every charity in United States with reported income it ranks in the 54th percentile, and in the 58th percentile within FL. Charities of a similar size with the same main cause include Ecology House Inc ($206k), 722 Henry Street Apartments Housing Development Fund Corporation ($206k) and Blackford-Grant Hud II Inc ($206k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 58% and program service revenue 40% of the total. Other salaries and wages came to $15k. At year end it held assets of $1.3m against liabilities of $203k, net assets of $1.1m.

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.