Equipped for Life Inc

Analysis

Equipped for Life Inc is a registered charity in United States, based in Wake Forest, NC. It received its IRS tax-exemption ruling in September 2008, 18 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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 December 2023, Equipped for Life Inc reported income of $80k and spending of $95k, spending 120% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $93k to $80k (-14%), an average of -3.8% a year. The sharpest change came in the year to December 2022, when income rose by 221%. Over the whole period it spent 115% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Equipped for Life Inc sits at the 35th percentile: it is larger than about 35% of them. Against every charity in United States with reported income it ranks in the 31st percentile, and in the 29th percentile within NC. Charities of a similar size with the same main cause include Mount Zion Center Foundation Inc ($80k), Team Family Foundation Inc ($80k) and Barnabas Ministry Inc ($80k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $36k (37% of expenses). Other salaries and wages came to $8,998. At year end it held assets of $28k against liabilities of $0, net assets of $28k. It reported 2 employees.

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.