Loretto Volunteer Fire Dept Inc

Analysis

Loretto Volunteer Fire Dept Inc is a registered charity in United States, based in Loretto, MN. It received its IRS tax-exemption ruling in September 1999, 27 years ago. Its declared purposes cover public safety, disaster preparedness and relief, which this site groups under armed forces, emergency and public safety. 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 December 2023, Loretto Volunteer Fire Dept Inc reported income of $844k and spending of $1.0m, spending 121% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $560k to $844k (+51%), an average of +11% a year. The sharpest change came in the year to December 2023, when income rose by 25%. Over the whole period it spent 95% of the income it received.

Among 9,128 United States charities whose main cause is armed forces, emergency and public safety and that reported income, Loretto Volunteer Fire Dept Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 76th percentile within MN. Charities of a similar size with the same main cause include New Salem Volunteer Fire Department Inc ($844k), Hose Co No 1 Honesdale Fire Department ($844k) and Little Creek Volunteer Fire Company ($844k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 4.7% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $113k (11% of expenses). Other salaries and wages came to $215k. At year end it held assets of $2.3m against liabilities of $331k, net assets of $2.0m. It reported 57 employees.