Covington Ladies Home

Analysis

Covington Ladies Home is a registered charity in United States, based in Covington, KY. It received its IRS tax-exemption ruling in October 1941, 85 years ago. 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, Covington Ladies Home reported income of $768k and spending of $1.7m, spending 216% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $2.2m to $768k (-65%), an average of -23% a year. The sharpest change came in the year to December 2022, when income rose by 91%. Over the whole period it spent 124% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Covington Ladies Home sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 77th percentile within KY. Charities of a similar size with the same main cause include South Jersey Drug Treatment Center ($768k), Les Dames D Escoffier International Inc ($768k) and Deutsch Institute Applied Research Center for Handicapped ($768k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 23% and program service revenue 71% of the total. Compensation of current officers, directors and key employees was $117k (7.1% of expenses). Other salaries and wages came to $732k. At year end it held assets of $5.7m against liabilities of $1.1m, net assets of $4.5m. It reported 27 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.