Laurens Memorial Home for the Aged Inc

Analysis

Laurens Memorial Home for the Aged Inc is a registered charity in United States, based in Laurens, SC. It received its IRS tax-exemption ruling in May 1972, 54 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 June 2023, Laurens Memorial Home for the Aged Inc reported income of $1.1m and spending of $986k, spending 91% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $778k to $1.1m (+40%), an average of +8.7% a year. The sharpest change came in the year to June 2022, when income rose by 41%. Over the whole period it spent 104% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Laurens Memorial Home for the Aged Inc 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 80th percentile, and in the 84th percentile within SC. Charities of a similar size with the same main cause include Kids Harbor a Ministry of Harrisonburg First Church of the ($1.1m), The Hope Chest of Pekin NFP ($1.1m) and Open Source Wellness ($1.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 43% and program service revenue 56% of the total. Other salaries and wages came to $559k. At year end it held assets of $629k against liabilities of $756, net assets of $628k. It reported 52 employees.