Lifeboat Project Inc

Analysis

Lifeboat Project Inc is a registered charity in United States, based in Apopka, FL. It received its IRS tax-exemption ruling in September 2015, 11 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, Lifeboat Project Inc reported income of $765k and spending of $602k, leaving 21% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $147k to $765k (+421%), an average of +51% a year. The sharpest change came in the year to December 2020, when income rose by 198%. 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, Lifeboat Project Inc sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 78th percentile within FL. Charities of a similar size with the same main cause include Butler Extended Day Program ($765k), Little Lions Childcare ($766k) and Valley Verde ($765k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 77% and program service revenue 5.5% of the total. Compensation of current officers, directors and key employees was $59k (9.7% of expenses). Other salaries and wages came to $208k. At year end it held assets of $2.4m against liabilities of $286k, net assets of $2.1m. It reported 6 employees.