Youth Financial Literacy Foundation

Analysis

Youth Financial Literacy Foundation is a registered charity in United States, based in Farmington Hills, MI. It received its IRS tax-exemption ruling in December 2003, 23 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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, Youth Financial Literacy Foundation reported income of $2.0m and spending of $4.4m, spending 225% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $6.5m to $2.0m (-70%), an average of -26% a year. The sharpest change came in the year to December 2020, when income rose by 108%. Over the whole period it spent 106% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Youth Financial Literacy Foundation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 86th percentile within MI. Charities of a similar size with the same main cause include Young Audiences-New York Inc ($2.0m), Group I Acting Company Inc ($2.0m) and Friends of Craft Inc ($2.0m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $175k (4.0% of expenses). Other salaries and wages came to $669k. At year end it held assets of $339k against liabilities of $0, net assets of $339k. It reported 21 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.