Solvera Healthcare Center Inc

Analysis

Solvera Healthcare Center Inc is a registered charity in United States, based in Peoria, IL. It received its IRS tax-exemption ruling in April 2022, 4 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. 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, Solvera Healthcare Center Inc reported income of $4.0m and spending of $9.0m, spending 224% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income grew from $344k to $4.0m (+1065%), an average of +241% a year. The sharpest change came in the year to December 2022, when income rose by 707%. Over the whole period it spent 238% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Solvera Healthcare Center Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 91st percentile within IL. Charities of a similar size with the same main cause include Transformations Wellness Center ($4.0m), Mission Dental Inc ($4.0m) and Foundation for Orthopaedic Research and Education Inc ($4.0m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 78% of the total. Compensation of current officers, directors and key employees was $144k (1.6% of expenses). Other salaries and wages came to $4.6m. At year end it held assets of $510k against liabilities of $11.5m, net assets of -$11.0m. It reported 71 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.