Friendship Retirement Corporation

Analysis

Friendship Retirement Corporation is a registered charity in United States, based in Glendale, AZ. It received its IRS tax-exemption ruling in February 1973, 53 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 December 2023, Friendship Retirement Corporation reported income of $29.6m and spending of $24.6m, spending 83% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $29.1m to $29.6m (+1.6%), an average of +0.4% a year. Over the whole period it spent 98% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Friendship Retirement Corporation sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 97th percentile within AZ. Charities of a similar size with the same main cause include Valley Special Needs Programs Inc ($29.5m), National Childrens Center Inc ($29.6m) and Eliseo ($29.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.8% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $519k (2.1% of expenses). Other salaries and wages came to $11.8m. At year end it held assets of $24.8m against liabilities of $14.7m, net assets of $10.1m. It reported 629 employees.