Lutheran Retirement Ministries of Alamance County North Carolina

Analysis

Lutheran Retirement Ministries of Alamance County North Carolina is a registered charity in United States, based in Burlington, NC. It received its IRS tax-exemption ruling in May 1981, 45 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 September 2023, Lutheran Retirement Ministries of Alamance County North Carolina reported income of $46.9m and spending of $44.1m, spending 94% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $33.7m to $46.9m (+39%), an average of +8.6% a year. The sharpest change came in the year to September 2021, when income rose by 17%. Over the whole period it spent 94% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lutheran Retirement Ministries of Alamance County North Carolina 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 NC. Charities of a similar size with the same main cause include King Farm Presbyterian Retirement ($46.1m), MHT Housing IV Inc ($47.4m) and The Webster Apartments ($46.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 11% and program service revenue 86% of the total. Compensation of current officers, directors and key employees was $666k (1.5% of expenses). Other salaries and wages came to $16.2m. At year end it held assets of $212.4m against liabilities of $146.4m, net assets of $65.9m. It reported 637 employees.