Floral Gardens Apartments Inc

Analysis

Floral Gardens Apartments Inc is a registered charity in United States, based in San Rafael, CA. It received its IRS tax-exemption ruling in May 1995, 31 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 March 2024, Floral Gardens Apartments Inc reported income of $599k and spending of $766k, spending 128% of what it took in. Across the 5 years on record, from March 2020 to March 2024, income grew from $506k to $599k (+18%), an average of +4.3% a year. Over the whole period it spent 116% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Floral Gardens Apartments Inc sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 74th percentile within CA. Charities of a similar size with the same main cause include Kissimmee Oaks Housing I Inc ($598k), Central Alabama Housing Alliance ($599k) and Project Home Development Corporation ($598k).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 26% and program service revenue 73% of the total. Other salaries and wages came to $159k. At year end it held assets of $1.8m against liabilities of $350k, net assets of $1.5m.

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.