Island Workforce Housing

Analysis

Island Workforce Housing is a registered charity in United States, based in Deer Isle, ME. It received its IRS tax-exemption ruling in September 2019, 7 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, Island Workforce Housing reported income of $186k and spending of $115k, leaving 38% of income unspent that year. Across the 4 years on record, from December 2020 to December 2023, income fell from $740k to $186k (-75%), an average of -37% a year. The sharpest change came in the year to December 2022, when income dropped by 71%. Over the whole period it spent 9.3% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Island Workforce Housing 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 52nd percentile, and in the 45th percentile within ME. Charities of a similar size with the same main cause include Gilman Housing Corporation ($186k), Bay Aging Apartments Montross Inc ($186k) and 21 Plus Foundation Inc ($186k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 80% of the total. At year end it held assets of $2.6m against liabilities of $920k, net assets of $1.7m.