Friends for Life Corporation

Analysis

Friends for Life Corporation is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in May 1993, 33 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 June 2023, Friends for Life Corporation reported income of $7.6m and spending of $7.9m, spending 104% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.8m to $7.6m (+30%), an average of +6.8% a year. The sharpest change came in the year to June 2020, when income rose by 17%. Over the whole period it spent 96% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Friends for Life Corporation sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within TN. Charities of a similar size with the same main cause include Tolson Center Inc ($7.6m), Father Flanagans Boys Home ($7.6m) and Morningstar Children and Family Services Inc ($7.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 75% and program service revenue 24% of the total. Compensation of current officers, directors and key employees was $366k (4.6% of expenses). Other salaries and wages came to $3.0m. At year end it held assets of $10.4m against liabilities of $7.0m, net assets of $3.4m. It reported 89 employees.