Lifespace Communities Inc

Analysis

Lifespace Communities Inc is a registered charity in United States, based in WDM, IA. It received its IRS tax-exemption ruling in October 1977, 49 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Lifespace Communities Inc reported income of $236.1m and spending of $422.9m, spending 179% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $248.2m to $236.1m (-4.9%), an average of -1.2% a year. The sharpest change came in the year to December 2023, when income dropped by 28%. Over the whole period it spent 124% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Lifespace Communities Inc sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within IA. Charities of a similar size with the same main cause include Food Bank of Central & Eastern North Carolina Inc ($234.0m), Bancroft a New Jersey Nonprofit Corporation ($236.9m) and Tides Center ($233.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.5% and program service revenue 143% of the total. Compensation of current officers, directors and key employees was $9.8m (2.3% of expenses). Other salaries and wages came to $140.2m. At year end it held assets of $1.33bn against liabilities of $1.72bn, net assets of -$385.9m. It reported 5,187 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.