The Lift Garage

Analysis

The Lift Garage is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in August 2012, 14 years ago. Its declared purposes cover employment, 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 June 2023, The Lift Garage reported income of $2.0m and spending of $1.8m, spending 92% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.3m to $2.0m (+58%), an average of +16% a year. The sharpest change came in the year to June 2021, when income rose by 57%. Over the whole period it spent 78% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, The Lift Garage sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 85th percentile within MN. Charities of a similar size with the same main cause include Hyde Square Task Force Inc ($2.0m), Neighborhood Wellness Foundation ($2.0m) and North Louisiana Economic Partnership Inc ($2.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 85% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $90k (4.9% of expenses). Other salaries and wages came to $788k. It paid $7,888 in professional fundraising fees. At year end it held assets of $2.6m against liabilities of $455k, net assets of $2.1m. It reported 19 employees.