Aspen Homes for Elderly Inc

Analysis

Aspen Homes for Elderly Inc is a registered charity in United States, based in Morristown, TN. It received its IRS tax-exemption ruling in July 1992, 34 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Aspen Homes for Elderly Inc reported income of $256k and spending of $313k, spending 122% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $226k to $256k (+13%), an average of +3.1% a year. Over the whole period it spent 121% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Aspen Homes for Elderly Inc sits at the 43rd percentile: it is larger than about 42% of them. Against every charity in United States with reported income it ranks in the 59th percentile, and in the 59th percentile within TN. Charities of a similar size with the same main cause include Restoration Properties Group ($256k), LSS Manor Inc - Lake Geneva ($256k) and Garden Terrace Commons Senior Housing ($255k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 33% and program service revenue 67% of the total. At year end it held assets of $826k 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.