The Farrar Home

Analysis

The Farrar Home is a registered charity in United States, based in Malone, NY. It received its IRS tax-exemption ruling in March 1963, 63 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 December 2023, The Farrar Home reported income of $1.4m and spending of $1.4m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $1.4m (+30%), an average of +6.8% a year. The sharpest change came in the year to December 2020, when income rose by 18%. Over the whole period it spent 102% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, The Farrar Home sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 79th percentile within NY. Charities of a similar size with the same main cause include Yfu International Educational Services Inc ($1.4m), Union Capital Boston Inc ($1.4m) and St Marys Sunshine Center Inc ($1.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 4.9% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $130k (9.0% of expenses). Other salaries and wages came to $813k. At year end it held assets of $1.4m against liabilities of $95k, net assets of $1.3m. It reported 37 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.