Literacy Inc

Analysis

Literacy Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in October 2005, 21 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Literacy Inc reported income of $5.1m and spending of $5.2m, spending 101% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.0m to $5.1m (+29%), an average of +6.5% a year. The sharpest change came in the year to June 2022, when income rose by 72%. Over the whole period it spent 85% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Literacy Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within NY. Charities of a similar size with the same main cause include Aspen Waldorf Foundation ($5.1m), Eastbrook Academy Inc ($5.1m) and Westchester Torah Academy ($5.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $135k (2.6% of expenses). Other salaries and wages came to $3.1m. At year end it held assets of $6.5m against liabilities of $557k, net assets of $6.0m. It reported 57 employees.