Friends of Literacy Inc

Analysis

Friends of Literacy Inc is a registered charity in United States, based in Knoxville, TN. It received its IRS tax-exemption ruling in May 1992, 34 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Friends of Literacy Inc reported income of $293k and spending of $264k, spending 90% of its income. Across the 6 years on record, from June 2019 to December 2023, income grew from $269k to $293k (+9.0%), an average of +1.7% a year. The sharpest change came in the year to December 2020, when income rose by 306%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Friends of Literacy Inc sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 62nd percentile within TN. Charities of a similar size with the same main cause include Kids World School Inc ($293k), Parent Booster USA Inc ($293k) and William Taylor Foundation ($293k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% of the total. Compensation of current officers, directors and key employees was $57k (22% of expenses). Other salaries and wages came to $96k. At year end it held assets of $222k against liabilities of $38k, net assets of $184k. It reported 3 employees.