First Step Apartments Inc

Analysis

First Step Apartments Inc is a registered charity in United States, based in Malvern, AR. It received its IRS tax-exemption ruling in April 1996, 30 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 June 2024, First Step Apartments Inc reported income of $218k and spending of $228k, spending 105% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $161k to $218k (+35%), an average of +7.8% a year. The sharpest change came in the year to June 2024, when income rose by 15%. Over the whole period it spent 110% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, First Step Apartments Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 57th percentile within AR. Charities of a similar size with the same main cause include Susquehanna Recovery Initiative Inc ($218k), Mission Launch Inc ($218k) and Bachman Memorial Home Inc ($218k).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 100% of the total. Other salaries and wages came to $41k. At year end it held assets of $596k against liabilities of $28k, net assets of $568k.

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.