Caromont Health Inc

Analysis

Caromont Health Inc is a registered charity in United States, based in Gastonia, NC. It received its IRS tax-exemption ruling in April 1991, 35 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 under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Caromont Health Inc reported income of $23.7m and spending of $3.8m, leaving 84% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income fell from $33.6m to $23.7m (-30%), an average of -8.4% a year. The sharpest change came in the year to June 2021, when income rose by 119%. Over the whole period it spent 9.4% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Caromont Health Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 98th percentile within NC. Charities of a similar size with the same main cause include Parker Institute for Cancer Immunotherapy ($23.7m), Rockhill Orthopaedic Specialists Inc ($23.7m) and El Dorado County Community Health ($23.7m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 12% of the total. Other salaries and wages came to $933k. At year end it held assets of $743.2m against liabilities of $12.4m, net assets of $730.8m. It reported 16 employees.