Palaemon Inc

Analysis

Palaemon Inc is a registered charity in United States, based in Barnstable, MA. It received its IRS tax-exemption ruling in August 2010, 16 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 June 2024, Palaemon Inc reported income of $494k and spending of $588k, spending 119% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income grew from $483k to $494k (+2.2%), an average of +0.4% a year. The sharpest change came in the year to June 2023, when income rose by 194%. Over the whole period it spent 80% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Palaemon Inc sits at the 57th percentile: it is larger than about 57% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 71st percentile within MA. Charities of a similar size with the same main cause include Christmas in April-Prince Georges County Inc ($494k), Booth Manor Inc ($494k) and Kirkland Union Plaza Association ($493k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 0.1% and program service revenue 100% of the total. Compensation of current officers, directors and key employees was $203k (35% of expenses). At year end it held assets of $2.0m against liabilities of $1.1m, net assets of $904k. It reported 2 employees.