Foundation for the Elderly

Analysis

Foundation for the Elderly is a registered charity in United States, based in Inwood, NY. It received its IRS tax-exemption ruling in June 1993, 33 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, Foundation for the Elderly reported income of $45.1m and spending of $45.9m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $28.2m to $45.1m (+60%), an average of +12% a year. The sharpest change came in the year to December 2020, when income rose by 29%. Over the whole period it spent 100% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Foundation for the Elderly sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 98th percentile within NY. Charities of a similar size with the same main cause include Northern California Retired Officers Community ($45.0m), Quantum Leap Health Carecollaborative ($45.1m) and Christian Social Service of Illinois ($44.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.6% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $174k (0.4% of expenses). Other salaries and wages came to $32.9m. At year end it held assets of $11.2m against liabilities of $11.7m, net assets of -$577k. It reported 1,934 employees.