Albemarle Older Adult Housing Inc

Analysis

Albemarle Older Adult Housing Inc is a registered charity in United States, based in Albemarle, NC. It received its IRS tax-exemption ruling in May 2002, 24 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Albemarle Older Adult Housing Inc reported income of $222k and spending of $326k, spending 147% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $210k to $222k (+5.8%), an average of +1.4% a year. Over the whole period it spent 132% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Albemarle Older Adult Housing Inc sits at the 40th percentile: it is larger than about 40% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 54th percentile within NC. Charities of a similar size with the same main cause include Family Promise of Davie County ($222k), Monterey Road Supportive Housing Corporation ($222k) and Passman Plaza Inc ($222k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 46% and program service revenue 53% of the total. At year end it held assets of $1.5m against liabilities of $117k, net assets of $1.4m.

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.