Affordable Housing Corporation of Glassboro

Analysis

Affordable Housing Corporation of Glassboro is a registered charity in United States, based in Glassboro, NJ. It received its IRS tax-exemption ruling in May 2021, 5 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 December 2023, Affordable Housing Corporation of Glassboro reported income of $1.0m and spending of $1.0m, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2,989 to $1.0m (+34596%), an average of +332% a year. The sharpest change came in the year to December 2022, when income rose by 312592%. Over the whole period it spent 100% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Affordable Housing Corporation of Glassboro sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 83rd percentile within NJ. Charities of a similar size with the same main cause include Maywood Manor Senior Housing Inc ($1.0m), Wartburg Home Foundation Inc ($1.0m) and Alliance Apartments Housing Development Fund Co Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 8.3% and program service revenue 91% of the total. Other salaries and wages came to $26k. At year end it held assets of $1.1m against liabilities of $585k, net assets of $561k.

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.