Life Asset Inc

Analysis

Life Asset Inc is a registered charity in United States, based in Washington, DC. 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 2023, Life Asset Inc reported income of $2.1m and spending of $1.3m, leaving 36% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $2.1m (+86%), an average of +17% a year. The sharpest change came in the year to December 2021, when income rose by 76%. Over the whole period it spent 56% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Life Asset Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 67th percentile within DC. Charities of a similar size with the same main cause include Springwell Network Inc ($2.1m), Yamba Malawi Inc ($2.1m) and Transformation Center ($2.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 93% and program service revenue 8.2% of the total. Compensation of current officers, directors and key employees was $153k (11% of expenses). Other salaries and wages came to $467k. At year end it held assets of $9.4m against liabilities of $4.0m, net assets of $5.4m. It reported 8 employees.