Hospital Development Co

Analysis

Hospital Development Co is a registered charity in United States, based in Spencer, WV. It received its IRS tax-exemption ruling in September 1966, 60 years ago. 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 September 2023, Hospital Development Co reported income of $62.5m and spending of $62.5m, spending 100% of its income. Across the 6 years on record, from June 2019 to September 2023, income grew from $131k to $62.5m (+47574%), an average of +243% a year. The sharpest change came in the year to September 2019, when income rose by 33246%. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hospital Development Co sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within WV. Charities of a similar size with the same main cause include Rcap Solutions Inc ($62.5m), Portage Bay Insurance ($62.5m) and Florida Association of Rehabilitation Facilities Inc ($62.3m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.1% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $1.5m (2.4% of expenses). Other salaries and wages came to $21.3m. At year end it held assets of $50.0m against liabilities of $33.5m, net assets of $16.5m. It reported 399 employees.