Myers Senior Residence Inc

Analysis

Myers Senior Residence Inc is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in March 1946, 80 years ago. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Myers Senior Residence Inc reported income of $525k and spending of $763k, spending 145% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $447k to $525k (+18%), an average of +4.1% a year. The sharpest change came in the year to December 2020, when income rose by 21%. Over the whole period it spent 150% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Myers Senior Residence Inc sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 76th percentile within NJ. Charities of a similar size with the same main cause include Talking Information Center Inc ($525k), The Oyster Harbors Club Scholarship Fund Inc ($525k) and 826 Michigan ($525k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 87% of the total. Other salaries and wages came to $89k. At year end it held assets of $8.7m against liabilities of $283k, net assets of $8.4m. It reported 4 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.