Home for Aged Women in Salem

Analysis

Home for Aged Women in Salem is a registered charity in United States, based in Salem, MA. It received its IRS tax-exemption ruling in January 2014, 12 years ago. 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, Home for Aged Women in Salem reported income of $2.7m and spending of $2.0m, leaving 27% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.8m to $2.7m (+51%), an average of +11% a year. The sharpest change came in the year to December 2022, when income rose by 15%. Over the whole period it spent 80% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Home for Aged Women in Salem sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within MA. Charities of a similar size with the same main cause include Rafts Inc ($2.7m), International AIDS Society USA ($2.7m) and New York College of Health Professions ($2.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 12% and program service revenue 78% of the total. Compensation of current officers, directors and key employees was $113k (5.7% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $6.7m against liabilities of $135k, net assets of $6.6m. It reported 42 employees.