Loretto Foundation

Analysis

Loretto Foundation is a registered charity in United States, based in Syracuse, NY. It received its IRS tax-exemption ruling in March 1981, 45 years ago. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Loretto Foundation reported income of $558k and spending of $808k, spending 145% of what it took in. Across the 5 years on record, from December 2018 to December 2023, income fell from $2.3m to $558k (-76%), an average of -30% a year. The sharpest change came in the year to December 2019, when income dropped by 71%. Over the whole period it spent 114% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Loretto Foundation sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 68th percentile within NY. Charities of a similar size with the same main cause include Florida College System Activities Association Inc ($558k), Springfield Center for Independent Living Inc ($558k) and San Francisco Chamber Orchestra Inc ($558k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 50% and program service revenue 27% of the total. At year end it held assets of $2.7m against liabilities of $888k, net assets of $1.8m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.