Memorycare

Analysis

Memorycare is a registered charity in United States, based in Asheville, NC. It received its IRS tax-exemption ruling in April 2000, 26 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Memorycare reported income of $3.2m and spending of $2.5m, spending 80% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.5m to $3.2m (+29%), an average of +6.6% a year. The sharpest change came in the year to December 2020, when income rose by 49%. Over the whole period it spent 70% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Memorycare sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 90th percentile within NC. Charities of a similar size with the same main cause include PSFC ($3.2m), Promesa Foundation Inc ($3.2m) and Baker Community Health Center Inc ($3.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 54% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $335k (13% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $15.7m against liabilities of $311k, net assets of $15.4m. It reported 27 employees.