Legacy Scholarship Funds Inc

Analysis

Legacy Scholarship Funds Inc is a registered charity in United States, based in Walled Lake, MI. It received its IRS tax-exemption ruling in March 1984, 42 years ago. 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 September 2024, Legacy Scholarship Funds Inc reported income of $130k and spending of $128k, spending 99% of its income. Across the 5 years on record, from September 2020 to September 2024, income grew from $114k to $130k (+14%), an average of +3.4% a year. The sharpest change came in the year to September 2024, when income rose by 72%. Over the whole period it spent 116% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Legacy Scholarship Funds Inc sits at the 43rd percentile: it is larger than about 43% of them. Against every charity in United States with reported income it ranks in the 44th percentile, and in the 43rd percentile within MI. Charities of a similar size with the same main cause include Society for Konas Education & Art ($130k), Slo Village ($130k) and Special Opportunity Center Inc ($130k).

On its Form 990 for the period ending September 2024, revenue came from contributions and grants 73% of the total. Compensation of current officers, directors and key employees was $7,500 (5.8% of expenses). At year end it held assets of $1.4m against liabilities of $0, net assets of $1.4m.