Silver Maples of Chelsea

Analysis

Silver Maples of Chelsea is a registered charity in United States, based in Chelsea, MI. It received its IRS tax-exemption ruling in October 1995, 31 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, Silver Maples of Chelsea reported income of $10.0m and spending of $9.6m, spending 96% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $8.9m to $10.0m (+12%), an average of +2.8% a year. The sharpest change came in the year to December 2023, when income dropped by 24%. Over the whole period it spent 82% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Silver Maples of Chelsea sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within MI. Charities of a similar size with the same main cause include Mercy Housing South East ($10.0m), Provident Commonwealth Education Resources II ($10.0m) and Archway Investment Corporation Inc ($10.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.8% and program service revenue 101% of the total. Compensation of current officers, directors and key employees was $247k (2.6% of expenses). Other salaries and wages came to $3.4m. At year end it held assets of $39.0m against liabilities of $31.1m, net assets of $7.9m. It reported 182 employees.