East Lake Initiative a Nonprofit Corporation

Analysis

East Lake Initiative a Nonprofit Corporation is a registered charity in United States, based in Birmingham, AL. It received its IRS tax-exemption ruling in March 2011, 15 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, East Lake Initiative a Nonprofit Corporation reported income of $1.3m and spending of $789k, leaving 40% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $226k to $1.3m (+486%), an average of +56% a year. The sharpest change came in the year to December 2021, when income rose by 175%. Over the whole period it spent 65% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, East Lake Initiative a Nonprofit Corporation sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 86th percentile within AL. Charities of a similar size with the same main cause include Magnolia Towers Inc ($1.3m), Tuskegee Alumni Housing Foundation Inc ($1.3m) and Calais House Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 83% and program service revenue 4.2% of the total. Compensation of current officers, directors and key employees was $118k (15% of expenses). Other salaries and wages came to $356k. At year end it held assets of $1.9m against liabilities of $937, net assets of $1.9m. It reported 9 employees.