Hermitage Homes for Elderly Inc

Analysis

Hermitage Homes for Elderly Inc is a registered charity in United States, based in Morristown, TN. It received its IRS tax-exemption ruling in June 2003, 23 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Hermitage Homes for Elderly Inc reported income of $56k and spending of $79k, spending 141% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $64k to $56k (-13%), an average of -3.3% a year. The sharpest change came in the year to September 2022, when income dropped by 19%. Over the whole period it spent 125% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Hermitage Homes for Elderly Inc sits at the 12th percentile: it is larger than about 12% of them. Against every charity in United States with reported income it ranks in the 22nd percentile, and in the 20th percentile within TN. Charities of a similar size with the same main cause include Palmer Senior Housing Inc ($56k), Pauls Place Support for Families ($56k) and Group Home One Housing Corporation ($56k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 18% and program service revenue 82% of the total. At year end it held assets of $536k against liabilities of $791k, net assets of -$255k.

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.