Elderhomes Corp

Analysis

Elderhomes Corp is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in May 1992, 34 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Elderhomes Corp reported income of $25.9m and spending of $25.0m, spending 97% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $15.2m to $25.9m (+70%), an average of +14% a year. The sharpest change came in the year to June 2022, when income rose by 44%. Over the whole period it spent 93% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Elderhomes Corp 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 VA. Charities of a similar size with the same main cause include Herons Key ($25.8m), Foundation Communities ($25.9m) and Dreamkey Partners Inc ($25.7m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 85% and program service revenue 14% of the total. Compensation of current officers, directors and key employees was $424k (1.7% of expenses). Other salaries and wages came to $3.2m. At year end it held assets of $19.5m against liabilities of $3.2m, net assets of $16.3m. It reported 65 employees.