Ocean City Community Development Corporation

Analysis

Ocean City Community Development Corporation is a registered charity in United States, based in Ocean City, NJ. It received its IRS tax-exemption ruling in September 2022, 4 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 September 2023, Ocean City Community Development Corporation reported income of $1.6m and spending of $9,671, leaving 99% of income unspent that year. Across the 2 years on record, from September 2022 to September 2023, income grew from $71k to $1.6m (+2127%), an average of +2127% a year. The sharpest change came in the year to September 2023, when income rose by 2127%. Over the whole period it spent 1.2% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Ocean City Community Development Corporation sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 86th percentile within NJ. Charities of a similar size with the same main cause include Detroit Affordable Homes Inc ($1.6m), Colorado Housing Assistance Corporation ($1.6m) and Horizon Housing Development Company ($1.6m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $4.5m against liabilities of $2.8m, net assets of $1.7m.