Penny Lane Centers

Analysis

Penny Lane Centers is a registered charity in United States, based in N Hollywood, CA. It received its IRS tax-exemption ruling in November 1966, 60 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, Penny Lane Centers reported income of $54.1m and spending of $54.0m, spending 100% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $57.6m to $54.1m (-6.1%), an average of -1.6% a year. Over the whole period it spent 99% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Penny Lane Centers sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within CA. Charities of a similar size with the same main cause include Salud Para LA Gente ($54.0m), Alliance Healthcare Services Inc ($54.1m) and Bronxcare Dr Martin Luther King Jr Health Center ($53.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 96% and program service revenue 0.2% of the total. Compensation of current officers, directors and key employees was $636k (1.2% of expenses). Other salaries and wages came to $30.0m. At year end it held assets of $41.1m against liabilities of $14.5m, net assets of $26.6m. It reported 571 employees.