Literacy Mid South Inc

Analysis

Literacy Mid South Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in December 1975, 51 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 June 2023, Literacy Mid South Inc reported income of $2.7m and spending of $2.7m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $720k to $2.7m (+275%), an average of +39% a year. The sharpest change came in the year to June 2023, when income rose by 153%. Over the whole period it spent 104% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Literacy Mid South Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 89th percentile within TN. Charities of a similar size with the same main cause include Delaware Special Olympics Inc ($2.7m), Community Training and Assistance Center Inc ($2.7m) and American Volleyball Coaches Assn ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $120k (4.5% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $1.9m against liabilities of $612k, net assets of $1.3m. It reported 109 employees.