Friends of Little Saigon Seattle Fls-S

Analysis

Friends of Little Saigon Seattle Fls-S is a registered charity in United States, based in Seattle, WA. It received its IRS tax-exemption ruling in March 2021, 5 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Friends of Little Saigon Seattle Fls-S reported income of $1.3m and spending of $1.3m, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $531k to $1.3m (+141%), an average of +25% a year. The sharpest change came in the year to December 2020, when income rose by 56%. Over the whole period it spent 70% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Friends of Little Saigon Seattle Fls-S sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within WA. Charities of a similar size with the same main cause include Greenwood Archer Capital Inc ($1.3m), South Houston Economic Development Corp ($1.3m) and Morristown Partners Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 90% and program service revenue 9.3% of the total. Compensation of current officers, directors and key employees was $80k (6.4% of expenses). Other salaries and wages came to $203k. At year end it held assets of $7.8m against liabilities of $6.7m, net assets of $1.1m. It reported 10 employees.