Palermo Lakes Inc

Analysis

Palermo Lakes Inc is a registered charity in United States, based in Miami, FL. 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Palermo Lakes Inc reported income of $923k and spending of $1.3m, spending 146% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $777k to $923k (+19%), an average of +4.4% a year. Over the whole period it spent 143% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Palermo Lakes Inc sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 80th percentile within FL. Charities of a similar size with the same main cause include Lutheran Housing Services Inc ($923k), Portland Disciples Housing Inc ($923k) and Peaceful Pastures Housing Inc ($922k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 98% of the total. Other salaries and wages came to $234k. At year end it held assets of $10.6m against liabilities of $2.2m, net assets of $8.4m. It reported 5 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.