Lutheran Retirement Center Salisbury Inc

Analysis

Lutheran Retirement Center Salisbury 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. 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 Center Salisbury Inc reported income of $10.8m and spending of $9.7m, spending 90% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $9.9m to $10.8m (+9.2%), an average of +2.2% a year. The sharpest change came in the year to September 2022, when income rose by 24%. Over the whole period it spent 85% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lutheran Retirement Center Salisbury 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 Neighborhood of Affordable Housing Inc ($10.8m), Community Housing Network Inc ($10.8m) and Clarewood House Inc ($10.8m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 2.1% and program service revenue 96% of the total. Other salaries and wages came to $3.6m. At year end it held assets of $27.8m against liabilities of $20.5m, net assets of $7.2m. It reported 178 employees.