Aldersgate United Methodist Retirement Community Inc

Analysis

Aldersgate United Methodist Retirement Community Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in November 1946, 80 years ago. 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 December 2022, Aldersgate United Methodist Retirement Community Inc reported income of $44.5m and spending of $55.5m, spending 125% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income grew from $39.7m to $44.5m (+12%), an average of +3.9% a year. Over the whole period it spent 116% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Aldersgate United Methodist Retirement Community Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within NC. Charities of a similar size with the same main cause include Hocking-Athens Perry Community Action ($44.3m), Central Iowa Juvenile Detention Center ($44.5m) and Casey County Hospital District ($44.2m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 0.7% and program service revenue 96% of the total. Other salaries and wages came to $17.7m. At year end it held assets of $148.2m against liabilities of $193.2m, net assets of -$45.0m. It reported 598 employees.

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.