Mayo Clinic

Analysis

Mayo Clinic is a registered charity in United States, based in Rochester, MN. It received its IRS tax-exemption ruling in January 1947, 79 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. 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 2022, Mayo Clinic reported income of $7.08bn and spending of $5.68bn, spending 80% of its income. Across the 5 years on record, from December 2018 to December 2022, income grew from $6.42bn to $7.08bn (+10%), an average of +2.4% a year. The sharpest change came in the year to December 2021, when income rose by 19%. Over the whole period it spent 81% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Mayo Clinic sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within MN. Charities of a similar size with the same main cause include RWJ Barnabas Health Inc ($7.07bn), Memorial Sloan-Kettering Cancer Center ($7.46bn) and Stanford Health Care 227 ($7.05bn).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 34% and program service revenue 57% of the total. Compensation of current officers, directors and key employees was $21.1m (0.4% of expenses). Other salaries and wages came to $2.52bn. It paid $903k in professional fundraising fees. At year end it held assets of $22.11bn against liabilities of $9.58bn, net assets of $12.53bn. It reported 29,136 employees.