Elderly Home Inc
Elderly Home Inc. faces recurring deficits and declining assets, raising financial sustainability concerns.
EIN: 16024156 · Madawaska, ME · NTEE: L22Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $321K |
| Total Expenses | $471K |
| Program Spending | 80% |
| Net Assets | $212K |
| Transparency Score | 60/100 |
Is Elderly Home Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Elderly Home Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Elderly Home Inc
Elderly Home Inc (EIN: 16024156) is a nonprofit organization based in Madawaska, ME, classified under NTEE code L22Z. The organization reported total revenue of $321K and total assets of $1.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Elderly Home Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Elderly Home Inc is a small nonprofit that has been operating for 59 years, with 11 years of IRS 990 filings on record (2012–2022). Revenue has grown at a compound annual rate of 1.6%.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
| Total Revenue | $321K |
| Total Expenses | $471K |
| Surplus / Deficit | $-150,077 |
| Total Assets | $1.5M |
| Total Liabilities | $1.3M |
| Net Assets | $212K |
| Operating Margin | -46.7% |
| Debt-to-Asset Ratio | 85.7% |
| Months of Reserves | 37.6 months |
Financial Health Grade: C
In 2022, Elderly Home Inc reported a deficit of $150K with expenses exceeding revenue, holds 37.6 months of operating reserves (strong position), has a debt-to-asset ratio of 85.7% (high leverage).
Financial Trends
Over 11 years of filings (2012–2022), Elderly Home Inc's revenue has grown at a compound annual growth rate (CAGR) of 1.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2022 | -1.3% | +22.0% | -10.1% |
| 2021 | +0.2% | +5.0% | -4.3% |
| 2020 | +12.7% | +15.9% | -8.0% |
| 2019 | -1.7% | +6.8% | +156.3% |
| 2018 | -2.5% | +11.5% | -2.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 3000 |
| IRS Ruling Date | 1967 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Elderly Home Inc with a Mission Score of 60 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Elderly Home Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $150K, with expenses exceeding revenue.
- Debt-to-asset ratio: 85.7%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers receive salaries from the organization, which is a positive sign for resource allocation.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Elderly Home Inc's IRS 990 filings:
- Consistent operating deficits (e.g., $149,077 deficit in 2022)
- Declining asset base in recent years (from $1.87M in 2019 to $1.48M in 2022)
- High liabilities relative to assets ($1,265,043 liabilities against $1,476,563 assets in 2022)
Strengths
The following positive indicators were identified for Elderly Home Inc:
- No reported executive compensation (0% officer comp)
- Substantial asset base ($1,476,563 in 2022) despite recent declines
Frequently Asked Questions about Elderly Home Inc
Is Elderly Home Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Elderly Home Inc (EIN: 16024156) some concerns. Mission Score: 60/100. 3 red flags identified, 2 strengths noted.
How does Elderly Home Inc spend its money?
Elderly Home Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Elderly Home Inc tax-deductible?
Elderly Home Inc is registered as a tax-exempt nonprofit (EIN: 16024156). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Elderly Home Inc's spending goes to programs?
Elderly Home Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Elderly Home Inc compare to similar nonprofits?
With a transparency score of 60/100 (Good), Elderly Home Inc is above average for NTEE category L22Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Elderly Home Inc located?
Elderly Home Inc is headquartered in Madawaska, Maine and files with the IRS under EIN 16024156. It is classified under NTEE code L22Z.
How many years of IRS 990 filings does Elderly Home Inc have?
Elderly Home Inc has 11 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $321K in total revenue.
Is Elderly Home Inc. financially sustainable?
The organization has consistently reported expenses exceeding revenue in recent years (e.g., $471,124 expenses vs. $321,047 revenue in 2022), leading to recurring deficits and a decline in assets from $1,866,165 in 2019 to $1,476,563 in 2022. This trend raises concerns about long-term financial sustainability.
What is the trend in the organization's assets?
Assets have shown a declining trend in recent years, decreasing from a peak of $1,866,165 in 2019 to $1,476,563 in 2022, after a significant increase between 2018 and 2019.
How does the organization manage executive compensation?
The organization reports 0% officer compensation in all available filings, indicating that no salaries are paid to its officers.
Filing History
IRS 990 filing history for Elderly Home Inc showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2012–2022), Elderly Home Inc's revenue has grown by 17.5%, moving from $273K to $321K. Total assets increased by 119.2% over the same period, from $673K to $1.5M. Total functional expenses rose by 87.6%, from $251K to $471K. In its most recent filing year (2022), Elderly Home Inc reported a deficit of $150K, with expenses exceeding revenue. The organization holds $1.3M in liabilities against $1.5M in assets (debt-to-asset ratio: 85.7%), resulting in net assets of $212K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2022 | $321K | $471K | $1.5M | $1.3M | — | View 990 |
| 2021 | $325K | $386K | $1.6M | $1.3M | — | View 990 |
| 2020 | $325K | $368K | $1.7M | $1.3M | — | View 990 |
| 2019 | $288K | $317K | $1.9M | $1.4M | — | View 990 |
| 2018 | $293K | $297K | $728K | $230K | — | — |
| 2017 | $301K | $267K | $746K | $245K | — | View 990 |
| 2016 | $335K | $263K | $739K | $271K | — | View 990 |
| 2015 | $301K | $266K | $682K | $286K | — | View 990 |
| 2014 | $289K | $273K | $662K | $302K | — | View 990 |
| 2013 | $283K | $272K | $669K | $325K | — | View 990 |
| 2012 | $273K | $251K | $673K | $344K | — | View 990 |
Year-by-Year Financial Summary
- 2022: Revenue of $321K, expenses of $471K, and assets of $1.5M (revenue -1.3% year-over-year).
- 2021: Revenue of $325K, expenses of $386K, and assets of $1.6M (revenue +0.2% year-over-year).
- 2020: Revenue of $325K, expenses of $368K, and assets of $1.7M (revenue +12.7% year-over-year).
- 2019: Revenue of $288K, expenses of $317K, and assets of $1.9M (revenue -1.7% year-over-year).
- 2018: Revenue of $293K, expenses of $297K, and assets of $728K (revenue -2.5% year-over-year).
- 2017: Revenue of $301K, expenses of $267K, and assets of $746K (revenue -10.2% year-over-year).
- 2016: Revenue of $335K, expenses of $263K, and assets of $739K (revenue +11.1% year-over-year).
- 2015: Revenue of $301K, expenses of $266K, and assets of $682K (revenue +4.3% year-over-year).
- 2014: Revenue of $289K, expenses of $273K, and assets of $662K (revenue +2.0% year-over-year).
- 2013: Revenue of $283K, expenses of $272K, and assets of $669K (revenue +3.7% year-over-year).
- 2012: Revenue of $273K, expenses of $251K, and assets of $673K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Elderly Home Inc:
Data Sources and Methodology
This transparency report for Elderly Home Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.