Mary Wade Residence Inc

Analysis

Mary Wade Residence Inc is a registered charity in United States, based in New Haven, CT. It received its IRS tax-exemption ruling in October 2020, 6 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Mary Wade Residence Inc reported income of $6.6m and spending of $7.6m, spending 114% of what it took in. Across the 2 years on record, from September 2022 to September 2023, income grew from $3.4m to $6.6m (+94%), an average of +94% a year. The sharpest change came in the year to September 2023, when income rose by 94%. Over the whole period it spent 124% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Mary Wade Residence Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within CT. Charities of a similar size with the same main cause include Park View Home Inc ($6.6m), Ventura County Day Care Association ($6.6m) and Somali Education and Resource Center ($6.6m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 43% and program service revenue 57% of the total. Compensation of current officers, directors and key employees was $66k (0.9% of expenses). Other salaries and wages came to $3.0m. At year end it held assets of $32.8m against liabilities of $35.8m, net assets of -$3.0m.