Lantern Hill Inc

Analysis

Lantern Hill Inc is a registered charity in United States, based in Catonsville, MD. It received its IRS tax-exemption ruling in March 2016, 10 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, Lantern Hill Inc reported income of $47.6m and spending of $48.6m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $38.7m to $47.6m (+23%), an average of +5.3% a year. The sharpest change came in the year to December 2020, when income rose by 18%. Over the whole period it spent 107% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lantern Hill 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 99th percentile, and in the 98th percentile within MD. Charities of a similar size with the same main cause include Emerald Development and Economic ($47.5m), Tallgrass Creek Inc ($48.2m) and Lantern Community Services Inc ($47.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.2% and program service revenue 97% of the total. Compensation of current officers, directors and key employees was $294k (0.6% of expenses). Other salaries and wages came to $14.6m. At year end it held assets of $247.3m against liabilities of $277.0m, net assets of -$29.7m. It reported 550 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.