Elevate Housing Foundation

Analysis

Elevate Housing Foundation is a registered charity in United States, based in Lincolnwood, IL. It received its IRS tax-exemption ruling in June 2017, 9 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, Elevate Housing Foundation reported income of $26.4m and spending of $27.1m, spending 103% of its income. Across the 6 years on record, from December 2018 to December 2023, income grew from $4.8m to $26.4m (+448%), an average of +40% a year. The sharpest change came in the year to December 2019, when income rose by 194%. Over the whole period it spent 112% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Elevate Housing Foundation sits at the 99th 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 IL. Charities of a similar size with the same main cause include 4000 Valley Square Inc Dba Woodside Vill Wheatland Terr ($26.4m), The Arc Morris County Chapter NJ Inc ($26.4m) and Los Angeles Lomod South Inc ($26.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.0% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $40k (0.1% of expenses). Other salaries and wages came to $15.2m. At year end it held assets of $36.8m against liabilities of $65.4m, net assets of -$28.7m. It reported 550 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.