1228 Washington Avenue Housing Development Fund Company

Analysis

1228 Washington Avenue Housing Development Fund Company is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in March 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, 1228 Washington Avenue Housing Development Fund Company reported income of $1.3m and spending of $1.9m, spending 150% of what it took in. Across the 3 years on record, from June 2021 to June 2023, income grew from $389k to $1.3m (+223%), an average of +80% a year. The sharpest change came in the year to June 2022, when income rose by 222%. Over the whole period it spent 142% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, 1228 Washington Avenue Housing Development Fund Company sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 78th percentile within NY. Charities of a similar size with the same main cause include Housing for Hope Inc ($1.3m), New Lima Housing for the Future ($1.3m) and Bet Shalom I Inc ($1.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 31% and program service revenue 69% of the total. At year end it held assets of $12.6m against liabilities of $14.2m, net assets of -$1.7m.

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.