Albany Medical Center Group Organization

Analysis

Albany Medical Center Group Organization is a registered charity in United States, based in Albany, NY. It received its IRS tax-exemption ruling in March 2014, 12 years ago. The IRS classifies it as a supporting organisation (type ii) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Albany Medical Center Group Organization reported income of $3.04bn and spending of $3.09bn, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.13bn to $3.04bn (+43%), an average of +9.3% a year. The sharpest change came in the year to December 2021, when income rose by 25%. Over the whole period it spent 99% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Albany Medical Center Group Organization 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 NY. Charities of a similar size with the same main cause include Ascension Seton ($3.01bn), Trustees of Boston University ($3.13bn) and Chancellor Masters and Scholars of the University of Cambridge ($2.80bn).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.2% and program service revenue 89% of the total. Compensation of current officers, directors and key employees was $12.5m (0.4% of expenses). Other salaries and wages came to $1.37bn. At year end it held assets of $2.67bn against liabilities of $1.33bn, net assets of $1.33bn. It reported 18,296 employees.