Waterman Communities Inc

Analysis

Waterman Communities Inc is a registered charity in United States, based in Mount Dora, FL. It received its IRS tax-exemption ruling in December 1989, 37 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 September 2023, Waterman Communities Inc reported income of $42.1m and spending of $52.5m, spending 125% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $31.2m to $42.1m (+35%), an average of +7.8% a year. The sharpest change came in the year to September 2023, when income rose by 31%. Over the whole period it spent 111% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Waterman Communities Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within FL. Charities of a similar size with the same main cause include Community Residences Inc ($42.0m), Hammer Residences Inc ($42.2m) and Rha Health Services Inc ($42.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.0% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $719k (1.4% of expenses). Other salaries and wages came to $18.6m. At year end it held assets of $142.3m against liabilities of $170.0m, net assets of -$27.6m. It reported 599 employees.

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.