Lymes Elderly Housing Inc

Analysis

Lymes Elderly Housing Inc is a registered charity in United States, based in Old Lyme, CT. It received its IRS tax-exemption ruling in June 1979, 47 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, Lymes Elderly Housing Inc reported income of $264k and spending of $405k, spending 153% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $238k to $264k (+11%), an average of +2.6% a year. Over the whole period it spent 122% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lymes Elderly Housing Inc sits at the 43rd percentile: it is larger than about 43% of them. Against every charity in United States with reported income it ranks in the 59th percentile, and in the 56th percentile within CT. Charities of a similar size with the same main cause include SNHS Elderly Housing V Inc ($264k), Christmas in Action Wichita TX Inc ($264k) and Serv Centers Housing Corporation Inc ($264k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 9.0% and program service revenue 91% of the total. Other salaries and wages came to $48k. At year end it held assets of $516k against liabilities of $1.3m, net assets of -$760k.

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.