Laurel Lake Retirement Community Inc

Analysis

Laurel Lake Retirement Community Inc is a registered charity in United States, based in Hudson, OH. It received its IRS tax-exemption ruling in December 1985, 41 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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, Laurel Lake Retirement Community Inc reported income of $29.9m and spending of $26.2m, spending 88% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $24.9m to $29.9m (+20%), an average of +4.7% a year. The sharpest change came in the year to December 2023, when income rose by 18%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Laurel Lake Retirement Community Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within OH. Charities of a similar size with the same main cause include Ohio History Connection ($29.9m), Seattle Art Museum ($30.0m) and Columbus Association for the Performing Arts Inc ($29.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 5.8% and program service revenue 84% of the total. Compensation of current officers, directors and key employees was $539k (2.1% of expenses). Other salaries and wages came to $7.2m. At year end it held assets of $95.9m against liabilities of $71.7m, net assets of $24.2m. It reported 274 employees.