Solomons Home for the Aged

Analysis

Solomons Home for the Aged is a registered charity in United States, based in Sumter, SC. It received its IRS tax-exemption ruling in March 1964, 62 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 December 2023, Solomons Home for the Aged reported income of $421k and spending of $297k, leaving 29% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $309k to $421k (+36%), an average of +8.0% a year. The sharpest change came in the year to December 2023, when income rose by 51%. Over the whole period it spent 83% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Solomons Home for the Aged sits at the 52nd percentile: it is larger than about 52% of them. Against every charity in United States with reported income it ranks in the 67th percentile, and in the 72nd percentile within SC. Charities of a similar size with the same main cause include Partners for Breast Cancer Care Inc ($420k), Prisms Inc ($421k) and Muskegon Pregnancy Services ($420k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 20% and program service revenue 80% of the total. Other salaries and wages came to $169k. At year end it held assets of $416k against liabilities of $54k, net assets of $362k. It reported 14 employees.