Smithland Elderly Apartments Inc

Analysis

Smithland Elderly Apartments Inc is a registered charity in United States, based in Winston Salem, NC. It received its IRS tax-exemption ruling in February 1994, 32 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, Smithland Elderly Apartments Inc reported income of $69k and spending of $85k, spending 124% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $63k to $69k (+8.2%), an average of +2.0% a year. Over the whole period it spent 138% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Smithland Elderly Apartments Inc sits at the 15th percentile: it is larger than about 15% of them. Against every charity in United States with reported income it ranks in the 27th percentile, and in the 25th percentile within NC. Charities of a similar size with the same main cause include Claremont Manor Club Incorporated ($69k), Cedar Ridge Apartments Inc ($69k) and Friends Retirement Association of California Inc ($69k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 37% and program service revenue 63% of the total. At year end it held assets of $97k against liabilities of $626k, net assets of -$529k.

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.