Lives of Purpose Inc

Analysis

Lives of Purpose Inc is a registered charity in United States, based in Greenville, NC. It received its IRS tax-exemption ruling in July 2019, 7 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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, Lives of Purpose Inc reported income of $250k and spending of $267k, spending 107% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income fell from $274k to $250k (-8.8%), an average of -4.5% a year. The sharpest change came in the year to December 2023, when income rose by 102%. Over the whole period it spent 55% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Lives of Purpose 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 58th percentile, and in the 56th percentile within NC. Charities of a similar size with the same main cause include Sleepy Coffee Too Inc ($250k), Houston Junior Womans Club ($250k) and North Carolina Employee Ownership Center ($250k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 63% and program service revenue 35% of the total. Compensation of current officers, directors and key employees was $3,148 (1.2% of expenses). Other salaries and wages came to $103k. At year end it held assets of $389k against liabilities of $1,364, net assets of $388k. It reported 17 employees.