Local Enterprise Assistance Fund Inc

Analysis

Local Enterprise Assistance Fund Inc is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in June 2020, 6 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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 May 2023, Local Enterprise Assistance Fund Inc reported income of $3.5m and spending of $2.9m, spending 83% of its income. Across the 4 years on record, from May 2020 to May 2023, income grew from $1.8m to $3.5m (+101%), an average of +26% a year. The sharpest change came in the year to May 2022, when income rose by 149%. Over the whole period it spent 54% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Local Enterprise Assistance Fund Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 89th percentile within MA. Charities of a similar size with the same main cause include Vibrant Hawaii ($3.5m), Shumard Foundation Inc ($3.5m) and Boilermakers Local 92 Training Fund ($3.5m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 72% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $1.1m (39% of expenses). At year end it held assets of $26.2m against liabilities of $15.5m, net assets of $10.8m. It reported 12 employees.