Laurels Incorporated

Analysis

Laurels Incorporated is a registered charity in United States, based in Harlan, KY. It received its IRS tax-exemption ruling in November 1981, 45 years ago. 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, Laurels Incorporated reported income of $1.3m and spending of $1.2m, spending 94% of its income. Across the 4 years on record, from December 2019 to December 2023, income grew from $1.1m to $1.3m (+24%), an average of +7.4% a year. The sharpest change came in the year to December 2022, when income rose by 27%. Over the whole period it spent 105% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Laurels Incorporated sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 83rd percentile within KY. Charities of a similar size with the same main cause include Sanpete Community Training Center ($1.3m), Cooperative Development Fund of CDS ($1.3m) and Schott Memorial Center Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $584k. At year end it held assets of $799k against liabilities of $648k, net assets of $151k. It reported 49 employees.