Mercy Terrace Apartments

Analysis

Mercy Terrace Apartments is a registered charity in United States, based in Erie, PA. It received its IRS tax-exemption ruling in March 1946, 80 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Mercy Terrace Apartments reported income of $594k and spending of $497k, spending 84% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $521k to $594k (+14%), an average of +3.3% a year. Over the whole period it spent 81% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Mercy Terrace Apartments sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 71st percentile within PA. Charities of a similar size with the same main cause include West Valley Wolves Inc ($594k), Apostolic Faith Church Bible College Inc ($594k) and Senior Citizens Housing of Onaway Inc ($593k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 11% and program service revenue 83% of the total. Compensation of current officers, directors and key employees was $71k (14% of expenses). Other salaries and wages came to $48k. At year end it held assets of $2.6m against liabilities of $40k, net assets of $2.5m. It reported 5 employees.