Caritas Corporation

Analysis

Caritas Corporation is a registered charity in United States, based in Irvine, CA. It received its IRS tax-exemption ruling in October 1996, 30 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 December 2023, Caritas Corporation reported income of $26.0m and spending of $25.6m, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $20.4m to $26.0m (+28%), an average of +6.3% a year. The sharpest change came in the year to December 2022, when income rose by 21%. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Caritas Corporation sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within CA. Charities of a similar size with the same main cause include Kingdom Development Inc ($26.0m), Maryland Masonic Homes Ltd ($26.1m) and Foundation Communities ($25.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.9% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $852k (3.3% of expenses). At year end it held assets of $201.3m against liabilities of $212.7m, net assets of -$11.4m.