Tower Health Medical Group

Analysis

Tower Health Medical Group is a registered charity in United States, based in West Reading, PA. It received its IRS tax-exemption ruling in April 1984, 42 years ago. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Tower Health Medical Group reported income of $225.3m and spending of $405.4m, spending 180% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $210.1m to $225.3m (+7.2%), an average of +1.8% a year. The sharpest change came in the year to June 2021, when income rose by 21%. Over the whole period it spent 190% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Tower Health Medical Group sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within PA. Charities of a similar size with the same main cause include Main Line Services ($224.9m), Neighborhood Healthcare ($225.4m) and Community Howard Regional Health Inc ($224.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 3.3% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $1.9m (0.5% of expenses). Other salaries and wages came to $251.9m. At year end it held assets of $53.1m against liabilities of $78.9m, net assets of -$25.9m. It reported 1,689 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.