The Legacy Foundation at Shell Point Inc

Analysis

The Legacy Foundation at Shell Point Inc is a registered charity in United States, based in Fort Myers, FL. It received its IRS tax-exemption ruling in October 2002, 24 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, The Legacy Foundation at Shell Point Inc reported income of $4.7m and spending of $5.7m, spending 123% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.5m to $4.7m (+33%), an average of +7.4% a year. The sharpest change came in the year to June 2020, when income rose by 436%. Over the whole period it spent 119% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, The Legacy Foundation at Shell Point Inc sits at the 93rd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within FL. Charities of a similar size with the same main cause include Newark Alliance Inc ($4.7m), Washington County Community Foud ($4.7m) and Film Forever Northwest ($4.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 6.1% of the total. Compensation of current officers, directors and key employees was $216k (3.8% of expenses). Other salaries and wages came to $249k. At year end it held assets of $5.0m against liabilities of $1.8m, net assets of $3.2m. It reported 11 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.