Ready for Life Inc

Analysis

Ready for Life Inc is a registered charity in United States, based in Largo, FL. It received its IRS tax-exemption ruling in March 2009, 17 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 June 2023, Ready for Life Inc reported income of $1.2m and spending of $1.0m, spending 84% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $905k to $1.2m (+38%), an average of +8.3% a year. The sharpest change came in the year to June 2023, when income rose by 16%. Over the whole period it spent 92% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Ready for Life Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 84th percentile within FL. Charities of a similar size with the same main cause include Family Promise of Greater Orlando Inc ($1.2m), Deaconess-Krafft Center ($1.2m) and New Wine Development Corporation Inc ($1.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 94% of the total. Compensation of current officers, directors and key employees was $106k (10% of expenses). Other salaries and wages came to $401k. At year end it held assets of $836k against liabilities of $262k, net assets of $574k. It reported 15 employees.