Island Elderly Housing Inc

Analysis

Island Elderly Housing Inc is a registered charity in United States, based in Vineyard Haven, MA. It received its IRS tax-exemption ruling in May 1979, 47 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 August 2023, Island Elderly Housing Inc reported income of $1.2m and spending of $1.0m, spending 87% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $921k to $1.2m (+30%), an average of +6.8% a year. The sharpest change came in the year to August 2023, when income rose by 31%. Over the whole period it spent 105% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Island Elderly Housing Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 80th percentile within MA. Charities of a similar size with the same main cause include Seymour Ambulance Assoc Inc ($1.2m), Telluride Council for the Arts and Humanities ($1.2m) and Felix Y Manalo Foundation Inc ($1.2m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 8.2% and program service revenue 65% of the total. Other salaries and wages came to $340k. At year end it held assets of $3.5m against liabilities of $2.9m, net assets of $615k. It reported 18 employees.