Mainegeneral Health

Analysis

Mainegeneral Health is a registered charity in United States, based in Augusta, ME. It received its IRS tax-exemption ruling in August 2006, 20 years ago. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Mainegeneral Health reported income of $694.7m and spending of $708.0m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $559.0m to $694.7m (+24%), an average of +5.6% a year. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Mainegeneral Health sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within ME. Charities of a similar size with the same main cause include Dalhousie University ($682.1m), Hackensack Meridian Health Medical Group-Specialty Care PC ($720.9m) and Holy Cross Health Inc ($681.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 4.5% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $1.2m (0.2% of expenses). Other salaries and wages came to $297.8m. At year end it held assets of $662.7m against liabilities of $380.2m, net assets of $282.5m.