Pilgrim Terrace Cooperative Homes

Analysis

Pilgrim Terrace Cooperative Homes is a registered charity in United States, based in Santa Barbara, CA. It received its IRS tax-exemption ruling in February 1980, 46 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 December 2023, Pilgrim Terrace Cooperative Homes reported income of $480k and spending of $1.5m, spending 319% of what it took in. Across the 6 years on record, from June 2019 to December 2023, income grew from $472k to $480k (+1.8%), an average of +0.4% a year. The sharpest change came in the year to December 2020, when income rose by 201%. Over the whole period it spent 246% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Pilgrim Terrace Cooperative Homes sits at the 57th percentile: it is larger than about 56% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 71st percentile within CA. Charities of a similar size with the same main cause include Victoria Jennings Residences Ltd ($480k), Ahepa 78 Phase III Inc ($481k) and Nycha II Housing Development Fund Corporation ($480k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 41% and program service revenue 3.6% of the total. Compensation of current officers, directors and key employees was $147k (9.6% of expenses). Other salaries and wages came to $374k. It paid $54k in professional fundraising fees. At year end it held assets of $4.5m against liabilities of $309k, net assets of $4.2m. It reported 14 employees.

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.