Friends of Faith Retirement Homes Inc

Analysis

Friends of Faith Retirement Homes Inc is a registered charity in United States, based in Waterloo, IA. It received its IRS tax-exemption ruling in April 1968, 58 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 March 2024, Friends of Faith Retirement Homes Inc reported income of $26.2m and spending of $28.5m, spending 109% of what it took in. Across the 4 years on record, from March 2020 to March 2024, income grew from $20.6m to $26.2m (+27%), an average of +8.3% a year. The sharpest change came in the year to March 2023, when income rose by 22%. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Friends of Faith Retirement Homes Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within IA. Charities of a similar size with the same main cause include Brothers Redevelopment Inc ($26.1m), Augustana Health Care Center of Apple Valley ($26.2m) and Connecticut Foundation Solutions Indemnity Company Inc ($26.1m).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 19% and program service revenue 71% of the total. Compensation of current officers, directors and key employees was $322k (1.1% of expenses). Other salaries and wages came to $10.4m. At year end it held assets of $105.8m against liabilities of $106.3m, net assets of -$507k. It reported 607 employees.