Lahey Clinic Inc

Analysis

Lahey Clinic Inc is a registered charity in United States, based in Charlestown, MA. It received its IRS tax-exemption ruling in October 1994, 32 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. 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 September 2023, Lahey Clinic Inc reported income of $337.3m and spending of $412.5m, spending 122% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $316.3m to $337.3m (+6.6%), an average of +1.6% a year. The sharpest change came in the year to September 2021, when income rose by 20%. Over the whole period it spent 120% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Lahey Clinic Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within MA. Charities of a similar size with the same main cause include Barrio Comprehensive Family Health Care Center Inc ($337.3m), Northeast Georgia Physicians Group Inc ($337.4m) and Melrosewakefield Healthcare Inc ($336.3m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 1.4% and program service revenue 96% of the total. Compensation of current officers, directors and key employees was $4.4m (1.1% of expenses). Other salaries and wages came to $327.9m. At year end it held assets of $265.9m against liabilities of $196.1m, net assets of $69.8m. It reported 1,658 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.