Mayfield Memorial Apartments Inc

Analysis

Mayfield Memorial Apartments Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in July 1983, 43 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, Mayfield Memorial Apartments Inc reported income of $545k and spending of $607k, spending 111% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $502k to $545k (+8.6%), an average of +2.1% a year. Over the whole period it spent 105% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Mayfield Memorial Apartments Inc sits at the 70th 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 71st percentile within NC. Charities of a similar size with the same main cause include Association of Financial Educators ($545k), Volunteers of America Inc ($545k) and Santa Maria Philharmonic Society ($545k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 63% and program service revenue 37% of the total. At year end it held assets of $1.0m against liabilities of $1.8m, net assets of -$767k.

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.