Methodist Home for the Aging

Analysis

Methodist Home for the Aging is a registered charity in United States, based in Irondale, AL. It received its IRS tax-exemption ruling in November 1998, 28 years ago. 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, Methodist Home for the Aging reported income of $2.2m and spending of $2.6m, spending 114% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.2m to $2.2m (+2.6%), an average of +0.7% a year. The sharpest change came in the year to June 2021, when income dropped by 15%. Over the whole period it spent 108% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Methodist Home for the Aging sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 90th percentile within AL. Charities of a similar size with the same main cause include Noah Project Inc ($2.2m), Old Globe Endowment Trust ($2.2m) and Criterion Institute Inc ($2.2m).

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. Other salaries and wages came to $971k. At year end it held assets of $4.9m against liabilities of $7.8m, net assets of -$2.9m. It reported 106 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.