King Farm Presbyterian Retirement

Analysis

King Farm Presbyterian Retirement is a registered charity in United States, based in Rockville, MD. It received its IRS tax-exemption ruling in March 2006, 20 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, King Farm Presbyterian Retirement reported income of $46.1m and spending of $49.5m, spending 107% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $26.6m to $46.1m (+73%), an average of +15% a year. The sharpest change came in the year to December 2020, when income rose by 25%. Over the whole period it spent 118% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, King Farm Presbyterian Retirement sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 98th percentile within MD. Charities of a similar size with the same main cause include The Webster Apartments ($46.0m), Lutheran Retirement Ministries of Alamance County North Carolina ($46.9m) and Federation CCRC Operations Corp ($46.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.1% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $217k (0.4% of expenses). Other salaries and wages came to $12.7m. At year end it held assets of $302.6m against liabilities of $398.9m, net assets of -$96.2m. It reported 430 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.