The Palms Retirement Center Inc

Analysis

The Palms Retirement Center Inc is a registered charity in United States, based in Harlingen, TX. It received its IRS tax-exemption ruling in April 1983, 43 years ago. 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 June 2023, The Palms Retirement Center Inc reported income of $619k and spending of $576k, spending 93% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $578k to $619k (+7.1%), an average of +1.7% a year. The sharpest change came in the year to June 2023, when income rose by 55%. Over the whole period it spent 104% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, The Palms Retirement Center Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 77th percentile within TX. Charities of a similar size with the same main cause include Grundy County Memorial Hospital Foundation ($619k), Greater Raleigh Chamber of Commerce Community Development Foundation ($619k) and Harriet Lane Home for Invalid Children of Baltimore City ($619k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 58% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $49k (8.5% of expenses). Other salaries and wages came to $71k. At year end it held assets of $1.1m against liabilities of $1.5m, net assets of -$401k. It reported 5 employees.