Main Street Apartments Inc

Analysis

Main Street Apartments Inc is a registered charity in United States, based in San Rafael, CA. It received its IRS tax-exemption ruling in June 1997, 29 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 March 2024, Main Street Apartments Inc reported income of $357k and spending of $523k, spending 146% of what it took in. Across the 5 years on record, from March 2020 to March 2024, income grew from $255k to $357k (+40%), an average of +8.7% a year. The sharpest change came in the year to March 2021, when income rose by 63%. Over the whole period it spent 131% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Main Street Apartments Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 67th percentile within CA. Charities of a similar size with the same main cause include Mercy House Ministries Inc ($357k), HG Holding Housing Development Fund Company Inc ($358k) and Hong Lok ($357k).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 66% and program service revenue 34% of the total. Other salaries and wages came to $109k. At year end it held assets of $1.6m against liabilities of $3.5m, net assets of -$1.9m.

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.