Lutheran Home-Albemarle Inc

Analysis

Lutheran Home-Albemarle Inc 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 Inc reported income of $9.9m and spending of $10.0m, spending 101% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $7.3m to $9.9m (+36%), an average of +8.0% a year. The sharpest change came in the year to September 2022, when income rose by 23%. Over the whole period it spent 95% 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 Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include Christian School Association of Greater Harrisburg ($9.9m), Hospice of South Texas Inc ($9.9m) and Cass Community Social Services Inc ($9.9m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.9% and program service revenue 98% of the total. Other salaries and wages came to $5.3m. At year end it held assets of $6.6m against liabilities of $725k, net assets of $5.9m. It reported 201 employees.