Lifesource Inc

Analysis

Lifesource Inc is a registered charity in United States, based in Somerville, AL. It received its IRS tax-exemption ruling in February 2013, 13 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 2022, Lifesource Inc reported income of $476k and spending of $435k, spending 91% of its income. Across the 2 years on record, from December 2021 to December 2022, income grew from $283k to $476k (+68%), an average of +68% a year. The sharpest change came in the year to December 2022, when income rose by 68%. Over the whole period it spent 92% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Lifesource Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 72nd percentile within AL. Charities of a similar size with the same main cause include Community Food Cupboard Inc ($476k), Chinuch Guidance and Support Inc ($476k) and R C Blakes Ministries ($476k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 7.6% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $4,014 (0.9% of expenses). Other salaries and wages came to $54k. At year end it held assets of $78k against liabilities of $0, net assets of $78k. It reported 12 employees.