Masonicare Corporation

Analysis

Masonicare Corporation is a registered charity in United States, based in Wallingford, CT. It received its IRS tax-exemption ruling in May 1996, 30 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Masonicare Corporation reported income of $15.7m and spending of $16.1m, spending 103% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $9.8m to $15.7m (+60%), an average of +12% a year. The sharpest change came in the year to September 2023, when income rose by 106%. Over the whole period it spent 180% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Masonicare Corporation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within CT. Charities of a similar size with the same main cause include Roundup Memorial Hospital Association ($15.7m), Visiting Nurse Association of Southeast Missouri Inc ($15.7m) and Hope Community Services Inc ($15.7m).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 49% of the total. Compensation of current officers, directors and key employees was $1.3m (8.4% of expenses). Other salaries and wages came to $6.7m. At year end it held assets of $48.4m against liabilities of $123.7m, net assets of -$75.3m. It reported 121 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.