Mhic

Analysis

Mhic is a registered charity in United States, based in Iowa City, IA. It received its IRS tax-exemption ruling in March 1946, 80 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Mhic reported income of $164.5m and spending of $193.2m, spending 117% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $171.9m to $164.5m (-4.3%), an average of -1.1% a year. Over the whole period it spent 103% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Mhic sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within IA. Charities of a similar size with the same main cause include 26 Health Inc ($164.4m), Wellstar Spalding Regional Hospital Inc ($164.6m) and St Marys Healthcare ($164.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.1% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $1.1m (0.6% of expenses). Other salaries and wages came to $55.6m. At year end it held assets of $160.0m against liabilities of $136.7m, net assets of $23.4m. It reported 1,310 employees.