Sherwood & Myrtie Foster Home for Children

Analysis

Sherwood & Myrtie Foster Home for Children is a registered charity in United States, based in Stephenville, TX. It received its IRS tax-exemption ruling in December 1972, 54 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 August 2023, Sherwood & Myrtie Foster Home for Children reported income of $3.3m and spending of $4.2m, spending 125% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income fell from $5.2m to $3.3m (-36%), an average of -10% a year. The sharpest change came in the year to August 2022, when income dropped by 38%. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Sherwood & Myrtie Foster Home for Children sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 92nd percentile within TX. Charities of a similar size with the same main cause include Arts Council Incorporated Winston-Salem Arts Council ($3.3m), Corning Day Programs Inc Corning ($3.3m) and Sun Dial Manor Inc ($3.3m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 68% and program service revenue 24% of the total. Other salaries and wages came to $1.8m. At year end it held assets of $10.1m against liabilities of $313k, net assets of $9.8m. It reported 73 employees.