Lake Michigan College Foundation

Analysis

Lake Michigan College Foundation is a registered charity in United States, based in Benton Harbor, MI. It received its IRS tax-exemption ruling in June 1987, 39 years ago. The IRS classifies it as a organisation supporting a government-owned college or university under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Lake Michigan College Foundation reported income of $1.7m and spending of $1.7m, spending 103% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $2.8m to $1.7m (-40%), an average of -12% a year. The sharpest change came in the year to June 2022, when income rose by 119%. Over the whole period it spent 90% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Lake Michigan College Foundation sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 84th percentile within MI. Charities of a similar size with the same main cause include DRS R W & J a Love Memorial Clinic ($1.7m), True North Organizing Network ($1.7m) and Floyd Memorial Foundation Inc ($1.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 72% of the total. At year end it held assets of $15.9m against liabilities of $944k, net assets of $15.0m.