Greystone Homes for Elderly Inc

Analysis

Greystone Homes for Elderly Inc is a registered charity in United States, based in Morristown, TN. It received its IRS tax-exemption ruling in June 2004, 22 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 March 2024, Greystone Homes for Elderly Inc reported income of $68k and spending of $85k, spending 125% of what it took in. Across the 5 years on record, from March 2020 to March 2024, income fell from $73k to $68k (-6.6%), an average of -1.7% a year. Over the whole period it spent 126% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Greystone Homes for Elderly Inc sits at the 15th percentile: it is larger than about 15% of them. Against every charity in United States with reported income it ranks in the 27th percentile, and in the 25th percentile within TN. Charities of a similar size with the same main cause include Bunk House Shelter Inc ($68k), Foundation Homes Inc ($68k) and Blue Cut Housing Development Fund Corporation ($68k).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 26% and program service revenue 74% of the total. At year end it held assets of $645k against liabilities of $950k, net assets of -$305k.

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.