Shore Memorial Hospital Workers Compensation Trust

Analysis

Shore Memorial Hospital Workers Compensation Trust is a registered charity in United States, based in Absecon, NJ. It received its IRS tax-exemption ruling in November 1994, 32 years ago. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Shore Memorial Hospital Workers Compensation Trust reported income of $1.0m and spending of $1.1m, spending 109% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $954k to $1.0m (+5.8%), an average of +1.4% a year. The sharpest change came in the year to December 2021, when income dropped by 22%. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Shore Memorial Hospital Workers Compensation Trust sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 82nd percentile within NJ. Charities of a similar size with the same main cause include Erna Jorgensen Charitable Trust 40-10-420-0862500 ($1.0m), Wilmington Downtown Inc ($1.0m) and Georgetown Ministry Center ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 99% of the total. Compensation of current officers, directors and key employees was $5,000 (0.5% of expenses). At year end it held assets of $91k against liabilities of $1.1m, net assets of -$1.0m.

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.