Palmer Park Seniors Housing Inc

Analysis

Palmer Park Seniors Housing Inc is a registered charity in United States, based in Rockville, MD. It received its IRS tax-exemption ruling in March 1946, 80 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Palmer Park Seniors Housing Inc reported income of $664k and spending of $840k, spending 126% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $609k to $664k (+9.2%), an average of +3.0% a year. Over the whole period it spent 126% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Palmer Park Seniors Housing Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 73rd percentile within MD. Charities of a similar size with the same main cause include St George Senior Housing Inc ($664k), Chi Sin Buddhist & Taoist Association ($664k) and National Christian Charitable Foundation Inc ($664k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $104k. At year end it held assets of $3.5m against liabilities of $236k, net assets of $3.2m.

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.