McCready Foundation Inc

Analysis

McCready Foundation Inc is a registered charity in United States, based in Crisfield, MD. It received its IRS tax-exemption ruling in October 1948, 78 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, McCready Foundation Inc reported income of $8.7m and spending of $13.3m, spending 153% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $23.8m to $8.7m (-64%), an average of -22% a year. The sharpest change came in the year to June 2021, when income dropped by 53%. Over the whole period it spent 127% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, McCready Foundation Inc sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within MD. Charities of a similar size with the same main cause include Lions Insurance Company ($8.7m), Hyndman Area Health Center Inc ($8.7m) and Elks Aidmore Inc ($8.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.8% and program service revenue 91% of the total. Compensation of current officers, directors and key employees was $323k (2.4% of expenses). Other salaries and wages came to $6.3m. At year end it held assets of $12.1m against liabilities of $8.7m, net assets of $3.4m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.