Statesville Elderly Housing Inc

Analysis

Statesville Elderly Housing Inc is a registered charity in United States, based in Statesville, NC. It received its IRS tax-exemption ruling in May 2000, 26 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, Statesville Elderly Housing Inc reported income of $280k and spending of $338k, spending 121% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $251k to $280k (+11%), an average of +2.7% a year. Over the whole period it spent 119% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Statesville Elderly Housing Inc sits at the 45th percentile: it is larger than about 44% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 59th percentile within NC. Charities of a similar size with the same main cause include Heavenly Grace Assistant Living Facility Inc ($280k), Sparta Retirement Community Inc ($280k) and Housing Opportunities for Musicians and Entertainers ($280k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 40% and program service revenue 58% of the total. At year end it held assets of $1.6m against liabilities of $25k, net assets of $1.6m.

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.