Spectrum Closter Apartments Inc

Analysis

Spectrum Closter Apartments Inc is a registered charity in United States, based in River Vale, NJ. It received its IRS tax-exemption ruling in July 2002, 24 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 December 2023, Spectrum Closter Apartments Inc reported income of $191k and spending of $225k, spending 118% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $144k to $191k (+33%), an average of +7.3% a year. The sharpest change came in the year to December 2023, when income rose by 31%. Over the whole period it spent 147% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Spectrum Closter Apartments Inc sits at the 36th percentile: it is larger than about 36% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 60th percentile within NJ. Charities of a similar size with the same main cause include FF of Kettering Park Three Inc ($191k), Hebrew Seniorlife Affiliated Medical Group Inc ($191k) and Cedar Street Apartments ($191k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 61% and program service revenue 39% of the total. At year end it held assets of $2.7m against liabilities of $178k, net assets of $2.5m.

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.