Lutheran Home Albemarle Property

Analysis

Lutheran Home Albemarle Property is a registered charity in United States, based in Salisbury, NC. It received its IRS tax-exemption ruling in April 1988, 38 years ago. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Lutheran Home Albemarle Property reported income of $410k and spending of $695k, spending 170% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $230k to $410k (+78%), an average of +16% a year. The sharpest change came in the year to September 2020, when income rose by 91%. Over the whole period it spent 119% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Lutheran Home Albemarle Property sits at the 65th percentile: it is larger than about 65% of them. Against every charity in United States with reported income it ranks in the 67th percentile, and in the 66th percentile within NC. Charities of a similar size with the same main cause include Vesper Boat Club Inc ($410k), Camp Rock Inc ($410k) and The Charles Lea Center Foundation Inc ($410k).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 94% of the total. At year end it held assets of $7.8m against liabilities of $3.9m, net assets of $3.8m.

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.