Loretto Literary & Benevolent Institution

Analysis

Loretto Literary & Benevolent Institution is a registered charity in United States, based in Nerinx, KY. It received its IRS tax-exemption ruling in March 1946, 80 years ago. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, Loretto Literary & Benevolent Institution reported income of $10.2m and spending of $10.3m, spending 101% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $8.8m to $10.2m (+16%), an average of +5.2% a year. The sharpest change came in the year to December 2021, when income rose by 35%. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Loretto Literary & Benevolent Institution sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within KY. Charities of a similar size with the same main cause include Center for Technology and Civic Life ($10.2m), Youngstown Area Goodwill Industries Inc ($10.2m) and Bellevue Boys & Girls Club ($10.2m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 54% and program service revenue 47% of the total. Other salaries and wages came to $6.2m. At year end it held assets of $2.3m against liabilities of $286k, net assets of $2.1m. It reported 219 employees.