Lynnfield Initiatives for Elders Inc

Analysis

Lynnfield Initiatives for Elders Inc is a registered charity in United States, based in Lynnfield, MA. It received its IRS tax-exemption ruling in September 1983, 43 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a suspense under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Lynnfield Initiatives for Elders Inc reported income of $1.7m and spending of $3.1m, spending 186% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $1.5m to $1.7m (+15%), an average of +3.5% a year. Over the whole period it spent 176% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lynnfield Initiatives for Elders 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 84th percentile, and in the 83rd percentile within MA. Charities of a similar size with the same main cause include Grit Inc ($1.7m), Good News Partners ($1.7m) and Habitat for Humanity International Inc ($1.7m).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 93% of the total. Compensation of current officers, directors and key employees was $70k (2.3% of expenses). Other salaries and wages came to $127k. At year end it held assets of $19.7m against liabilities of $73k, net assets of $19.6m. It reported 5 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.