Maine Life Care Retirement Community Inc
Maine Life Care Retirement Community Inc. shows asset growth but consistently carries more liabilities than assets.
EIN: 10496258 · Scarborough, ME · NTEE: L22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $38.7M |
| Total Expenses | $30.4M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $20 |
| Net Assets | $-16,281,406 |
| Transparency Score | 65/100 |
Is Maine Life Care Retirement Community Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Maine Life Care Retirement Community Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Maine Life Care Retirement Community Inc
Maine Life Care Retirement Community Inc (EIN: 10496258) is a nonprofit organization based in Scarborough, ME, classified under NTEE code L22. The organization reported total revenue of $38.7M and total assets of $190.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Maine Life Care Retirement Community Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Maine Life Care Retirement Community Inc is a large nonprofit that has been operating for 30 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 4.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $28.9M |
| Total Expenses | $30.4M |
| Surplus / Deficit | $-1,564,727 |
| Total Assets | $178.0M |
| Total Liabilities | $194.3M |
| Net Assets | $-16,281,406 |
| Operating Margin | -5.4% |
| Debt-to-Asset Ratio | 109.1% |
| Months of Reserves | 70.2 months |
Financial Health Grade: C
In 2023, Maine Life Care Retirement Community Inc reported a deficit of $1.6M with expenses exceeding revenue, holds 70.2 months of operating reserves (strong position), has a debt-to-asset ratio of 109.1% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Maine Life Care Retirement Community Inc's revenue has grown at a compound annual growth rate (CAGR) of 4.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +18.2% | +21.7% | +5.1% |
| 2022 | +3.8% | +7.7% | +20.5% |
| 2021 | -5.5% | +2.4% | +22.5% |
| 2020 | +9.7% | +4.3% | -0.2% |
| 2019 | +9.8% | +4.7% | +6.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1996 |
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 Maine Life Care Retirement Community Inc with a Mission Score of 65 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: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Maine Life Care Retirement Community Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $1.6M, with expenses exceeding revenue.
- Debt-to-asset ratio: 109.1%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, which is highly unusual for an entity with annual revenues exceeding $20 million and assets approaching $200 million. This suggests that executive compensation may be categorized under other expense lines or that the organization operates with a unique leadership compensation model, which could impact transparency.
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 Maine Life Care Retirement Community Inc's IRS 990 filings:
- Liabilities consistently exceed assets (e.g., $194.2M liabilities vs $178M assets in 2023), indicating potential financial risk or heavy reliance on debt.
- 0% officer compensation reported across all filings, which is highly unusual for an organization of this scale and may indicate a lack of transparency in executive pay disclosure.
Strengths
The following positive indicators were identified for Maine Life Care Retirement Community Inc:
- Consistent revenue generation, with latest revenue at $38.7 million, demonstrating operational stability.
- Significant asset growth from $94.3 million in 2014 to $178 million in 2023, indicating expansion or strong investment.
- Generally stable operations with expenses closely managed relative to revenue over the past decade.
Frequently Asked Questions about Maine Life Care Retirement Community Inc
Is Maine Life Care Retirement Community Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Maine Life Care Retirement Community Inc (EIN: 10496258) some concerns. Mission Score: 65/100. 2 red flags identified, 3 strengths noted.
How does Maine Life Care Retirement Community Inc spend its money?
Maine Life Care Retirement Community Inc directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Maine Life Care Retirement Community Inc tax-deductible?
Maine Life Care Retirement Community Inc is registered as a tax-exempt nonprofit (EIN: 10496258). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Maine Life Care Retirement Community Inc CEO make?
Maine Life Care Retirement Community Inc's highest-compensated officer earns $20 annually. The organization reported $38.7M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Maine Life Care Retirement Community Inc's spending goes to programs?
Maine Life Care Retirement Community Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Maine Life Care Retirement Community Inc compare to similar nonprofits?
With a transparency score of 65/100 (Good), Maine Life Care Retirement Community Inc is above average for NTEE category L22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Maine Life Care Retirement Community Inc located?
Maine Life Care Retirement Community Inc is headquartered in Scarborough, Maine and files with the IRS under EIN 10496258. It is classified under NTEE code L22.
How many years of IRS 990 filings does Maine Life Care Retirement Community Inc have?
Maine Life Care Retirement Community Inc has 13 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 $38.7M in total revenue.
Why do liabilities consistently exceed assets?
The filings show that liabilities have consistently been higher than assets, for example, $194.2 million in liabilities versus $178 million in assets in 2023. This could indicate significant debt financing for facility expansion or operations, which warrants further investigation into the nature of these liabilities and the organization's debt management strategy.
Where is executive compensation reported?
The IRS 990 filings consistently report 0% officer compensation. For an organization of this size, it is highly unusual not to have compensated officers. This suggests that executive compensation might be reported under other expense categories, or the organization has a unique compensation structure that is not clearly disclosed in this section of the 990.
What is the detailed breakdown of program, administrative, and fundraising expenses?
The provided data does not offer a detailed breakdown of these expense categories. While total expenses are reported (e.g., $30.4 million in 2023), without further detail, it's difficult to assess the organization's spending efficiency and how much directly supports its programs versus overhead.
Filing History
IRS 990 filing history for Maine Life Care Retirement Community Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Maine Life Care Retirement Community Inc's revenue has grown by 77%, moving from $16.3M to $28.9M. Total assets increased by 112% over the same period, from $83.9M to $178.0M. Total functional expenses rose by 100.1%, from $15.2M to $30.4M. In its most recent filing year (2023), Maine Life Care Retirement Community Inc reported a deficit of $1.6M, with expenses exceeding revenue. The organization holds $194.3M in liabilities against $178.0M in assets (debt-to-asset ratio: 109.1%), resulting in net assets of $-16,281,406.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $28.9M | $30.4M | $178.0M | $194.3M | — | — |
| 2022 | $24.4M | $25.0M | $169.3M | $186.2M | — | View 990 |
| 2021 | $23.5M | $23.2M | $140.5M | $152.7M | — | View 990 |
| 2020 | $24.9M | $22.7M | $114.6M | $128.5M | — | — |
| 2019 | $22.7M | $21.7M | $114.9M | $130.7M | — | View 990 |
| 2018 | $20.7M | $20.8M | $107.8M | $127.1M | — | View 990 |
| 2017 | $18.6M | $17.9M | $109.4M | $124.9M | — | View 990 |
| 2016 | $15.4M | $17.0M | $105.3M | $122.5M | — | View 990 |
| 2015 | $16.6M | $16.7M | $98.9M | $115.9M | — | View 990 |
| 2014 | $15.1M | $16.5M | $94.3M | $110.8M | — | View 990 |
| 2013 | $18.5M | $16.5M | $94.5M | $90.9M | — | View 990 |
| 2012 | $17.4M | $15.8M | $91.1M | $92.5M | — | View 990 |
| 2011 | $16.3M | $15.2M | $83.9M | $88.3M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $28.9M, expenses of $30.4M, and assets of $178.0M (revenue +18.2% year-over-year).
- 2022: Revenue of $24.4M, expenses of $25.0M, and assets of $169.3M (revenue +3.8% year-over-year).
- 2021: Revenue of $23.5M, expenses of $23.2M, and assets of $140.5M (revenue -5.5% year-over-year).
- 2020: Revenue of $24.9M, expenses of $22.7M, and assets of $114.6M (revenue +9.7% year-over-year).
- 2019: Revenue of $22.7M, expenses of $21.7M, and assets of $114.9M (revenue +9.8% year-over-year).
- 2018: Revenue of $20.7M, expenses of $20.8M, and assets of $107.8M (revenue +11.0% year-over-year).
- 2017: Revenue of $18.6M, expenses of $17.9M, and assets of $109.4M (revenue +20.7% year-over-year).
- 2016: Revenue of $15.4M, expenses of $17.0M, and assets of $105.3M (revenue -7.3% year-over-year).
- 2015: Revenue of $16.6M, expenses of $16.7M, and assets of $98.9M (revenue +10.3% year-over-year).
- 2014: Revenue of $15.1M, expenses of $16.5M, and assets of $94.3M (revenue -18.7% year-over-year).
- 2013: Revenue of $18.5M, expenses of $16.5M, and assets of $94.5M (revenue +6.3% year-over-year).
- 2012: Revenue of $17.4M, expenses of $15.8M, and assets of $91.1M (revenue +6.9% year-over-year).
- 2011: Revenue of $16.3M, expenses of $15.2M, and assets of $83.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Maine Life Care Retirement Community Inc:
Data Sources and Methodology
This transparency report for Maine Life Care Retirement Community 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.