Loretto Adult Community Inc

Analysis

Loretto Adult Community Inc is a registered charity in United States, based in Syracuse, NY. It received its IRS tax-exemption ruling in July 1986, 40 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 December 2023, Loretto Adult Community Inc reported income of $14.4m and spending of $15.7m, spending 109% of what it took in. Across the 5 years on record, from December 2018 to December 2023, income grew from $13.7m to $14.4m (+5.1%), an average of +1.3% a year. The sharpest change came in the year to December 2023, when income rose by 19%. Over the whole period it spent 107% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Loretto Adult Community Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within NY. Charities of a similar size with the same main cause include Covenant Village Inc ($14.4m), Willows Cottages ($14.4m) and Home for Aged Women Inc ($14.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.4% and program service revenue 99% of the total. Other salaries and wages came to $8.2m. At year end it held assets of $10.9m against liabilities of $13.3m, net assets of -$2.4m.

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.