Richfield Senior Housing Inc

Analysis

Richfield Senior Housing Inc is a registered charity in United States, based in Richfield, MN. It received its IRS tax-exemption ruling in May 1999, 27 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, Richfield Senior Housing Inc reported income of $4.8m and spending of $5.2m, spending 108% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $5.0m to $4.8m (-3.9%), an average of -1.0% a year. Over the whole period it spent 104% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Richfield Senior Housing Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 91st percentile within MN. Charities of a similar size with the same main cause include Volunteer Ministry Center Inc ($4.8m), Breaking Ground II Housing Development Fund Corporation ($4.8m) and Bridge Communities Inc ($4.8m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.0% and program service revenue 99% of the total. Other salaries and wages came to $1.9m. At year end it held assets of $14.1m against liabilities of $18.1m, net assets of -$4.0m. It reported 78 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.