Paragon Homes for Elderly Inc

Analysis

Paragon Homes for Elderly Inc is a registered charity in United States, based in Morristown, TN. It received its IRS tax-exemption ruling in February 1998, 28 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, Paragon Homes for Elderly Inc reported income of $69k and spending of $88k, spending 128% of what it took in. Across the 5 years on record, from March 2020 to March 2024, income grew from $61k to $69k (+13%), an average of +3.1% a year. Over the whole period it spent 121% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Paragon 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 26th percentile within TN. Charities of a similar size with the same main cause include Cedar Ridge Apartments Inc ($69k), Arcadia Place Inc ($69k) and Smithland Elderly Apartments Inc ($69k).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 29% and program service revenue 71% of the total. At year end it held assets of $337k against liabilities of $603k, net assets of -$266k.

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.