Lifebanc

Analysis

Lifebanc is a registered charity in United States, based in Cleveland, OH. It received its IRS tax-exemption ruling in October 1986, 40 years ago. 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 December 2023, Lifebanc reported income of $79.3m and spending of $76.7m, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $43.0m to $79.3m (+85%), an average of +17% a year. The sharpest change came in the year to December 2023, when income rose by 27%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Lifebanc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within OH. Charities of a similar size with the same main cause include United Church Insurance Association ($79.2m), Sturdy Health Inc ($79.5m) and Baltimore Washington Healthcare Services Inc ($78.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.9% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $908k (1.2% of expenses). Other salaries and wages came to $14.9m. At year end it held assets of $60.5m against liabilities of $15.5m, net assets of $45.0m. It reported 184 employees.