Arverne East Phase 1 and Phase 2 Inc

Analysis

Arverne East Phase 1 and Phase 2 Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in June 2021, 5 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. The IRS classifies it as a supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Arverne East Phase 1 and Phase 2 Inc reported income of $6.9m and spending of $0, leaving 100% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income fell from $22.9m to $6.9m (-70%), an average of -70% a year. The sharpest change came in the year to December 2023, when income dropped by 70%. Over the whole period it spent 0.7% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Arverne East Phase 1 and Phase 2 Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 91st percentile within NY. Charities of a similar size with the same main cause include United Athletics Inc ($6.9m), Odyssey Charities ($6.9m) and Elkhorn Athletic Association Inc ($6.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $43.4m against liabilities of $13.8m, net assets of $29.6m.