Ocean State Assisted Living

Analysis

Ocean State Assisted Living is a registered charity in United States, based in East Greenwich, RI. It received its IRS tax-exemption ruling in January 2001, 25 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Ocean State Assisted Living reported income of $7.4m and spending of $6.5m, spending 88% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $5.7m to $7.4m (+30%), an average of +6.7% a year. The sharpest change came in the year to December 2023, when income rose by 22%. Over the whole period it spent 94% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Ocean State Assisted Living sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 92nd percentile within RI. Charities of a similar size with the same main cause include City Rescue Mission ($7.4m), Greenway Presbyterian Apartments Inc ($7.4m) and Eight Days of Hope Inc ($7.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.2% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $146k (2.2% of expenses). Other salaries and wages came to $2.3m. At year end it held assets of $17.7m against liabilities of $14.9m, net assets of $2.9m. It reported 89 employees.