Home for the Aged

Analysis

Home for the Aged is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in July 1942, 84 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 2023, Home for the Aged reported income of $8.4m and spending of $9.1m, spending 109% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $7.4m to $8.4m (+13%), an average of +3.2% a year. Over the whole period it spent 113% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Home for the Aged sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within ME. Charities of a similar size with the same main cause include Merrimack Valley Food Bank Inc ($8.4m), Onesight ($8.4m) and Shepherd Community Inc ($8.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.1% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $360k (4.0% of expenses). Other salaries and wages came to $2.8m. At year end it held assets of $33.2m against liabilities of $28.1m, net assets of $5.0m. It reported 129 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.