Loxafamosity Ministries Inc

Analysis

Loxafamosity Ministries Inc is a registered charity in United States, based in Myrtle Beach, SC. It received its IRS tax-exemption ruling in June 2004, 22 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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, Loxafamosity Ministries Inc reported income of $77k and spending of $121k, spending 157% of what it took in. Across the 3 years on record, from December 2019 to December 2023, income fell from $117k to $77k (-34%), an average of -19% a year. The sharpest change came in the year to December 2023, when income dropped by 36%. Over the whole period it spent 117% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Loxafamosity Ministries Inc sits at the 34th percentile: it is larger than about 34% of them. Against every charity in United States with reported income it ranks in the 30th percentile, and in the 36th percentile within SC. Charities of a similar size with the same main cause include Hartford Project Inc ($77k), All Saints Community Center ($77k) and Alzahra Islamic Center Inc ($77k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 92% and program service revenue 7.6% of the total. Compensation of current officers, directors and key employees was $91k (75% of expenses). At year end it held assets of $75k against liabilities of $2,300, net assets of $73k. It reported 1 employees.

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.