Free Life Ministries Inc

Analysis

Free Life Ministries Inc is a registered charity in United States, based in Goldsboro, NC. It received its IRS tax-exemption ruling in February 1983, 43 years ago. 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, Free Life Ministries Inc reported income of $357k and spending of $536k, spending 150% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $473k to $357k (-25%), an average of -6.8% a year. The sharpest change came in the year to December 2023, when income dropped by 23%. Over the whole period it spent 126% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Free Life Ministries Inc sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 63rd percentile within NC. Charities of a similar size with the same main cause include Concert Ministries ($357k), Yokefellow Ministry of Greater Statesville ($357k) and Woodhull Community District Management Assoc Inc ($357k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 87% of the total. Compensation of current officers, directors and key employees was $89k (17% of expenses). Other salaries and wages came to $95k. At year end it held assets of $2.5m against liabilities of $1,203, net assets of $2.5m. It reported 4 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.