Literacy of Love Inc

Analysis

Literacy of Love Inc is a registered charity in United States, based in Olean, NY. It received its IRS tax-exemption ruling in November 2016, 10 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 August 2023, Literacy of Love Inc reported income of $138k and spending of $102k, leaving 26% of income unspent that year. Across the 3 years on record, from August 2021 to August 2023, income grew from $111k to $138k (+25%), an average of +12% a year. The sharpest change came in the year to August 2022, when income rose by 142%. Over the whole period it spent 54% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Literacy of Love Inc sits at the 44th percentile: it is larger than about 44% of them. Against every charity in United States with reported income it ranks in the 45th percentile, and in the 43rd percentile within NY. Charities of a similar size with the same main cause include Hazeltine Public Library ($138k), Honor Flight Connecticut ($138k) and Angola Kids League Inc ($138k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $263k against liabilities of $39k, net assets of $223k.