Literacy Source

Analysis

Literacy Source is a registered charity in United States, based in Seattle, WA. It received its IRS tax-exemption ruling in April 2002, 24 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, Literacy Source reported income of $1.4m and spending of $1.3m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.0m to $1.4m (+38%), an average of +8.3% a year. The sharpest change came in the year to June 2023, when income rose by 16%. Over the whole period it spent 97% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Literacy Source sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 83rd percentile within WA. Charities of a similar size with the same main cause include Montessori Community School Inc ($1.4m), Montessori Educational Center Inc ($1.4m) and LA Jolla Aquatic Complex Foundation ($1.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 94% and program service revenue 5.4% of the total. Compensation of current officers, directors and key employees was $154k (12% of expenses). Other salaries and wages came to $788k. At year end it held assets of $939k against liabilities of $277k, net assets of $662k. It reported 26 employees.