Lexmed Inc

Analysis

Lexmed Inc is a registered charity in United States, based in Lexington, SC. It received its IRS tax-exemption ruling in July 2021, 5 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Lexmed Inc reported income of $35.2m and spending of $38.1m, spending 108% of what it took in. Across the 3 years on record, from September 2021 to September 2023, income grew from $22.7m to $35.2m (+55%), an average of +24% a year. The sharpest change came in the year to September 2022, when income rose by 53%. Over the whole period it spent 109% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Lexmed Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within SC. Charities of a similar size with the same main cause include Quality Living Inc ($35.2m), Critical Path Institute ($35.3m) and Pender Memorial Hospital Incorporated ($35.1m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 4.3% and program service revenue 96% of the total. Other salaries and wages came to $21.6m. At year end it held assets of $19.7m against liabilities of $16.7m, net assets of $3.0m. It reported 650 employees.

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.