Legacy Institute for Financial Empowerment

Analysis

Legacy Institute for Financial Empowerment is a registered charity in United States, based in Lufkin, TX. It received its IRS tax-exemption ruling in October 2015, 11 years ago. Its declared purposes cover youth development, which this site groups under children and youth development. 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, Legacy Institute for Financial Empowerment reported income of $927k and spending of $1.0m, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $269k to $927k (+244%), an average of +36% a year. The sharpest change came in the year to December 2020, when income rose by 95%. Over the whole period it spent 102% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Legacy Institute for Financial Empowerment 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 78th percentile, and in the 82nd percentile within TX. Charities of a similar size with the same main cause include Anthony Wayne Youth Foundation ($927k), Thsba ($929k) and Called to Compete Inc ($925k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 82% and program service revenue 17% of the total. Other salaries and wages came to $522k. At year end it held assets of $720k against liabilities of $729k, net assets of -$8,846. It reported 15 employees.