Summit Homes for Elderly Inc

Analysis

Summit Homes for Elderly Inc is a registered charity in United States, based in Morristown, TN. It received its IRS tax-exemption ruling in March 2008, 18 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 June 2024, Summit Homes for Elderly Inc reported income of $61k and spending of $83k, spending 137% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $48k to $61k (+27%), an average of +6.2% a year. The sharpest change came in the year to June 2021, when income rose by 21%. Over the whole period it spent 130% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Summit Homes for Elderly Inc sits at the 13th percentile: it is larger than about 13% of them. Against every charity in United States with reported income it ranks in the 24th percentile, and in the 22nd percentile within TN. Charities of a similar size with the same main cause include Housing America Foundation ($61k), Zion Housing Development Corp ($61k) and Lackawanna Neighbors Inc ($61k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 44% and program service revenue 56% of the total. At year end it held assets of $627k against liabilities of $835k, net assets of -$208k.

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.