Hip Housing Development Corporation

Analysis

Hip Housing Development Corporation is a registered charity in United States, based in San Mateo, CA. It received its IRS tax-exemption ruling in July 1992, 34 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, Hip Housing Development Corporation reported income of $3.3m and spending of $4.7m, spending 142% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.9m to $3.3m (+13%), an average of +3.1% a year. The sharpest change came in the year to June 2022, when income rose by 246%. Over the whole period it spent 60% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Hip Housing Development Corporation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 90th percentile within CA. Charities of a similar size with the same main cause include Civic 411 Wales Corporation ($3.3m), Asbury Dwellings Inc ($3.3m) and Village Assisted Living Inc ($3.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 19% and program service revenue 70% of the total. Compensation of current officers, directors and key employees was $76k (1.6% of expenses). Other salaries and wages came to $246k. At year end it held assets of $29.6m against liabilities of $35.1m, net assets of -$5.5m. It reported 3 employees.