Wing Luke Memorial Foundation

Analysis

Wing Luke Memorial Foundation is a registered charity in United States, based in Seattle, WA. It received its IRS tax-exemption ruling in July 1966, 60 years ago. 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, Wing Luke Memorial Foundation reported income of $4.3m and spending of $4.7m, spending 109% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.0m to $4.3m (+111%), an average of +20% a year. The sharpest change came in the year to June 2021, when income rose by 235%. Over the whole period it spent 68% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Wing Luke Memorial 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 91st percentile, and in the 92nd percentile within WA. Charities of a similar size with the same main cause include Vermont Association of Snow Travelers Inc ($4.3m), Education-Plus Inc ($4.3m) and Reading Edge Academy Inc ($4.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 90% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $392k (8.3% of expenses). Other salaries and wages came to $2.3m. At year end it held assets of $11.4m against liabilities of $413k, net assets of $11.0m. It reported 55 employees.