Providence Rest

Analysis

Providence Rest is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in March 1946, 80 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. 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, Providence Rest reported income of $34.4m and spending of $35.7m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $29.6m to $34.4m (+16%), an average of +3.8% a year. The sharpest change came in the year to December 2023, when income rose by 24%. Over the whole period it spent 111% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Providence Rest sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 97th percentile within NY. Charities of a similar size with the same main cause include Penn Asian Senior Services Inc ($34.3m), Allied Services Skilled Nursing Center ($34.4m) and Wheaton Franciscan Healthcare - Southeast Wisconsin Inc ($34.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 4.3% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $322k (0.9% of expenses). Other salaries and wages came to $10.8m. At year end it held assets of $31.0m against liabilities of $27.1m, net assets of $3.9m. It reported 258 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.