Life Prep

Analysis

Life Prep is a registered charity in United States, based in Saint Paul, MN. It received its IRS tax-exemption ruling in July 1998, 28 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Life Prep reported income of $3.5m and spending of $3.3m, spending 92% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $4.9m to $3.5m (-28%), an average of -7.9% a year. The sharpest change came in the year to June 2021, when income dropped by 22%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Life Prep sits at the 87th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 89th percentile within MN. Charities of a similar size with the same main cause include Geo Academies Inc ($3.5m), Summit Classical Christian School ($3.5m) and Edge Learning Inc ($3.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $1.8m. At year end it held assets of $3.7m against liabilities of $5.9m, net assets of -$2.2m. It reported 50 employees.