LBB Corp

Analysis

LBB Corp is a registered charity in United States, based in Newport, RI. It received its IRS tax-exemption ruling in April 2010, 16 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, LBB Corp reported income of $330k and spending of $579k, spending 175% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $337k to $330k (-2.0%), an average of -0.5% a year. Over the whole period it spent 157% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, LBB Corp sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 59th percentile within RI. Charities of a similar size with the same main cause include Braws-Bringing Resources to Aid Womens Shelters ($330k), Miracle Mile Senior Citizen Housing Corporation ($330k) and Biscayne Senior Housing Inc ($330k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 98% of the total. At year end it held assets of $5.5m against liabilities of $884k, net assets of $4.6m.

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.