Institute for Financial Literacy Inc

Analysis

Institute for Financial Literacy Inc is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in October 2002, 24 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 December 2023, Institute for Financial Literacy Inc reported income of $281k and spending of $220k, leaving 22% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $191k to $281k (+47%), an average of +10% a year. The sharpest change came in the year to December 2023, when income rose by 86%. Over the whole period it spent 84% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Institute for Financial Literacy Inc sits at the 55th percentile: it is larger than about 55% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 55th percentile within ME. Charities of a similar size with the same main cause include The Safe Alliance Facilities Holdings ($281k), Four Winds American Indian Council ($281k) and Wayne County Court Appointed Special Advocates ($281k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.7% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $71k (32% of expenses). Other salaries and wages came to $22k. At year end it held assets of $520k against liabilities of $6,862, net assets of $514k. It reported 2 employees.