Wesley Homes Inc

Analysis

Wesley Homes Inc is a registered charity in United States, based in Cordova, TN. It received its IRS tax-exemption ruling in May 1979, 47 years ago. 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, Wesley Homes Inc reported income of $579k and spending of $682k, spending 118% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $556k to $579k (+4.1%), an average of +1.0% a year. Over the whole period it spent 113% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Wesley Homes Inc sits at the 71st percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 74th percentile within TN. Charities of a similar size with the same main cause include Gary Bowlin Evangelistic Association Inc ($579k), Grace Terrace Memorial Association ($579k) and Seedtime & Harvest Ministries Inc ($579k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 59% and program service revenue 47% of the total. Other salaries and wages came to $117k. At year end it held assets of $805k against liabilities of $1.8m, net assets of -$1.0m.

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.