Lake Wales Retirement Center Inc

Analysis

Lake Wales Retirement Center Inc is a registered charity in United States, based in Columbus, OH. It received its IRS tax-exemption ruling in July 1997, 29 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 December 2023, Lake Wales Retirement Center Inc reported income of $6.6m and spending of $9.0m, spending 136% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $5.6m to $6.6m (+17%), an average of +4.1% a year. The sharpest change came in the year to December 2023, when income rose by 15%. Over the whole period it spent 131% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lake Wales Retirement Center Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within OH. Charities of a similar size with the same main cause include The Shepherds House ($6.6m), Habitat for Humanity Pennyrile Region Inc ($6.6m) and Family Promise Inc ($6.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.4% and program service revenue 99% of the total. Other salaries and wages came to $1.9m. At year end it held assets of $24.0m against liabilities of $32.4m, net assets of -$8.4m.

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.