Underwriters Laboratories Inc

Analysis

Underwriters Laboratories Inc is a registered charity in United States, based in Evanston, IL. It received its IRS tax-exemption ruling in February 1955, 71 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. 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, Underwriters Laboratories Inc reported income of $15.4m and spending of $91.7m, spending 597% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $30.1m to $15.4m (-49%), an average of -16% a year. The sharpest change came in the year to December 2021, when income rose by 3528%. Over the whole period it spent 608% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Underwriters Laboratories Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within IL. Charities of a similar size with the same main cause include Good Samaritan Lutheran Health Care Center Inc ($15.3m), Brook Lane Behavioral Services Inc ($15.4m) and Georgia Southern University Athletic Foundation Inc ($15.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 7.7% and program service revenue 7.1% of the total. Compensation of current officers, directors and key employees was $6.9m (7.5% of expenses). Other salaries and wages came to $28.0m. At year end it held assets of $1.07bn against liabilities of $29.0m, net assets of $1.04bn. It reported 218 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.