Caromont Medical Group Inc

Analysis

Caromont Medical Group Inc is a registered charity in United States, based in Gastonia, NC. It received its IRS tax-exemption ruling in November 1986, 40 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. 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 June 2023, Caromont Medical Group Inc reported income of $155.3m and spending of $192.2m, spending 124% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $122.4m to $155.3m (+27%), an average of +6.1% a year. Over the whole period it spent 122% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Caromont Medical Group Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within NC. Charities of a similar size with the same main cause include Memorial Medical Center Inc ($155.1m), Childrens Surgical Associates Ltd ($155.4m) and Calverthealth Medical Center Inc ($154.5m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 97% of the total. Compensation of current officers, directors and key employees was $1.6m (0.9% of expenses). Other salaries and wages came to $126.1m. At year end it held assets of $71.9m against liabilities of $36.0m, net assets of $35.9m. It reported 1,106 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.