Lutheran Retirement Center Wilmington Inc

Analysis

Lutheran Retirement Center Wilmington Inc is a registered charity in United States, based in Salisbury, NC. It received its IRS tax-exemption ruling in August 1963, 63 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 September 2023, Lutheran Retirement Center Wilmington Inc reported income of $11.3m and spending of $11.1m, spending 99% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $36k to $11.3m (+31520%), an average of +322% a year. The sharpest change came in the year to September 2023, when income rose by 2027%. Over the whole period it spent 126% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Lutheran Retirement Center Wilmington 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 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include United Methodist Home of Enid Inc ($11.2m), The Richard Nixon Foundation ($11.3m) and Legal Aid Society of Nassau County N Y ($11.2m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.0% and program service revenue 98% of the total. Other salaries and wages came to $2.9m. At year end it held assets of $136.9m against liabilities of $145.2m, net assets of -$8.3m. It reported 69 employees.