Lake Ridge Elderly Development Inc

Analysis

Lake Ridge Elderly Development Inc is a registered charity in United States, based in Reston, VA. It received its IRS tax-exemption ruling in January 2015, 11 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Lake Ridge Elderly Development Inc reported income of $1.9m and spending of $2.0m, spending 106% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.7m to $1.9m (+11%), an average of +2.7% a year. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lake Ridge Elderly Development Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 86th percentile within VA. Charities of a similar size with the same main cause include I-Reach 2 ($1.9m), Plainsboro Non Profit Housing Corporation ($1.9m) and Plymouth Housing Corporation ($1.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 4.8% and program service revenue 93% of the total. Other salaries and wages came to $484k. At year end it held assets of $5.0m against liabilities of $4.9m, net assets of $162k. It reported 9 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.