St Mary Magdlene Apartments Inc

Analysis

St Mary Magdlene Apartments Inc is a registered charity in United States, based in New Iberia, LA. It received its IRS tax-exemption ruling in March 2004, 22 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 June 2024, St Mary Magdlene Apartments Inc reported income of $189k and spending of $220k, spending 116% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $171k to $189k (+11%), an average of +2.6% a year. The sharpest change came in the year to June 2021, when income dropped by 17%. Over the whole period it spent 115% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, St Mary Magdlene Apartments Inc 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 53rd percentile, and in the 51st percentile within LA. Charities of a similar size with the same main cause include Naomi Community Foundation ($189k), Jubilee Ministries Inc ($190k) and Woodbury Senior Housing Inc ($189k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 59% and program service revenue 41% of the total. Other salaries and wages came to $14k. At year end it held assets of $985k against liabilities of $35k, net assets of $950k.

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.