Palmer Home for Children

Analysis

Palmer Home for Children is a registered charity in United States, based in LK Cormorant, MS. It received its IRS tax-exemption ruling in July 1946, 80 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 2023, Palmer Home for Children reported income of $5.9m and spending of $6.1m, spending 104% of its income. Across the 4 years on record, from June 2020 to June 2023, income fell from $7.9m to $5.9m (-26%), an average of -9.4% a year. The sharpest change came in the year to June 2023, when income dropped by 26%. Over the whole period it spent 80% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Palmer Home for Children sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within MS. Charities of a similar size with the same main cause include Jewish Family Services of St Louis ($5.9m), Meals on Wheels of Metro Tulsa Inc ($5.9m) and Landis Communities ($5.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 97% of the total. Compensation of current officers, directors and key employees was $196k (3.2% of expenses). Other salaries and wages came to $2.3m. At year end it held assets of $33.6m against liabilities of $1.4m, net assets of $32.2m. It reported 74 employees.