Veterans on the Lake Resort

Analysis

Veterans on the Lake Resort is a registered charity in United States, based in Ely, MN. It received its IRS tax-exemption ruling in June 1984, 42 years ago. 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, Veterans on the Lake Resort reported income of $1.0m and spending of $632k, leaving 39% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $364k to $1.0m (+185%), an average of +30% a year. The sharpest change came in the year to December 2021, when income rose by 112%. Over the whole period it spent 55% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Veterans on the Lake Resort sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 79th percentile within MN. Charities of a similar size with the same main cause include The Foundry Consortium Inc ($1.0m), Aspen Jewish Center ($1.0m) and Georgia Agape Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 55% and program service revenue 41% of the total. Other salaries and wages came to $171k. At year end it held assets of $1.9m against liabilities of $90k, net assets of $1.8m. It reported 22 employees.