Hover Senior Living Community

Analysis

Hover Senior Living Community is a registered charity in United States, based in Longmont, CO. It received its IRS tax-exemption ruling in May 1983, 43 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 June 2023, Hover Senior Living Community reported income of $2.4m and spending of $2.8m, spending 116% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.2m to $2.4m (+12%), an average of +2.9% a year. Over the whole period it spent 108% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hover Senior Living Community sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 88th percentile within CO. Charities of a similar size with the same main cause include Habitat for Humanity International Inc ($2.4m), Northern Will County Special Recreation Association ($2.4m) and Coastal Empire Habitat for Humanity ($2.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.8% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $47k (1.7% of expenses). Other salaries and wages came to $1.5m. At year end it held assets of $3.2m against liabilities of $681k, net assets of $2.5m. It reported 88 employees.

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.