Homestead Development Corp

Analysis

Homestead Development Corp is a registered charity in United States, based in Lake Placid, NY. 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Homestead Development Corp reported income of $930k and spending of $770k, spending 83% of its income. Across the 3 years on record, from December 2021 to December 2023, income grew from $243k to $930k (+282%), an average of +96% a year. The sharpest change came in the year to December 2022, when income rose by 456%. Over the whole period it spent 64% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homestead Development Corp sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 74th percentile within NY. Charities of a similar size with the same main cause include Webster Housing for the Elderly Inc ($930k), Thea Bowman F S P a Housing Development Fund Company Inc ($930k) and Corporacion Para El Desarrollo de LA Vivienda de Bayamon CD ($929k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 29% and program service revenue 71% of the total. At year end it held assets of $3.6m against liabilities of $2.5m, net assets of $1.1m.