Needymeds Inc

Analysis

Needymeds Inc is a registered charity in United States, based in Gloucester, MA. It received its IRS tax-exemption ruling in August 2013, 13 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Needymeds Inc reported income of $1.7m and spending of $1.7m, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $2.1m to $1.7m (-18%), an average of -4.8% a year. Over the whole period it spent 98% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Needymeds Inc sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 84th percentile within MA. Charities of a similar size with the same main cause include Community Hospital Health Foundation ($1.7m), Thomas G Labrecque Foundation ($1.7m) and Suffield Volunteer Ambulance Association Inc ($1.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.4% and program service revenue 96% of the total. Compensation of current officers, directors and key employees was $69k (4.1% of expenses). Other salaries and wages came to $1.0m. At year end it held assets of $1.0m against liabilities of $321k, net assets of $692k.