I Love My Island Inc

Analysis

I Love My Island Inc is a registered charity in United States, based in Merritt Is, FL. It received its IRS tax-exemption ruling in September 2014, 12 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, I Love My Island Inc reported income of $677k and spending of $695k, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $439k to $677k (+54%), an average of +11% a year. The sharpest change came in the year to December 2023, when income rose by 16%. Over the whole period it spent 98% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, I Love My Island Inc sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 77th percentile within FL. Charities of a similar size with the same main cause include Hunger Task Force of LA Crosse Inc ($676k), Feeding Empty Little Tummies Inc ($677k) and Lena Sears Child Development Center ($676k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.1% of the total. Compensation of current officers, directors and key employees was $87k (12% of expenses). Other salaries and wages came to $259k. At year end it held assets of $176k against liabilities of $104k, net assets of $72k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.