Lutheran Retirement Center at Lutheridge Inc

Analysis

Lutheran Retirement Center at Lutheridge Inc is a registered charity in United States, based in Salisbury, NC. It received its IRS tax-exemption ruling in August 1963, 63 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Lutheran Retirement Center at Lutheridge Inc reported income of $4.6m and spending of $3.2m, leaving 31% of income unspent that year. Across the 5 years on record, from September 2019 to September 2023, income grew from $3.5m to $4.6m (+30%), an average of +6.7% a year. The sharpest change came in the year to September 2022, when income rose by 46%. Over the whole period it spent 82% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lutheran Retirement Center at Lutheridge 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 92nd percentile, and in the 93rd percentile within NC. Charities of a similar size with the same main cause include Jasa Housing Management Services for the Aged Inc ($4.6m), Homeward Bound ($4.6m) and Wilson Housing Development Corporation ($4.6m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.1% and program service revenue 98% of the total. Other salaries and wages came to $1.4m. At year end it held assets of $9.1m against liabilities of $1.7m, net assets of $7.4m. It reported 109 employees.