Overview
What is Life Asset Inc?
Life Asset Inc, located in Washington, D.C., is a nonprofit organization dedicated to alleviating poverty in the Greater Washington, D.C., area. They achieve this mission by providing affordable financial products, services, and education to lower-income residents, ultimately promoting self-help and self-respect while expanding social and economic opportunities for this demographic. In 2022, Life Asset Inc also offered business training to over 4,500 low-income entrepreneurs and originated 672 microloans, with 970 active loans as of December 31, 2022, to help these entrepreneurs start or expand their own businesses. By supporting entrepreneurs and empowering the community, Life Asset Inc plays a vital role in uplifting the lives of those residing in the Greater Washington, D.C., area.
Official website here: www.lifeasset.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star rating)
Life Asset Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and finance. The charity scored 96% overall, with its rating based entirely on its Accountability & Finance metrics. This high score indicates robust financial health and responsible management practices, which are crucial for donor trust and organizational effectiveness.
The organization demonstrates notable strengths, including a majority independent board and solid financial oversight. With 80% of its board members being independent, Life Asset Inc shows a strong commitment to governance and transparency. Additionally, it has passed all key metrics related to financial statements and also has no reported material diversions of assets, highlighting ethical management.
However, while the financial health appears strong, the summary does not provide insights into programmatic impact or donor engagement. Potential supporters may wish to seek additional information about the charity's specific programs and outcomes to better understand how their contributions will be utilized.
This AI summary has been generated from information found on Charity Navigator.
Is Life Asset Inc legitimate?
Life Asset Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Life Asset Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $152,725
Professional Fundraising Fees: $0
Other Salaries and Wages: $467,447
For more financial information, click here
Official website here: www.lifeasset.org
What is the mission statement of Life Asset Inc?
Life Asset Inc's mission is centered around alleviating poverty in a broader context, specifically in the greater Washington, D.C. area. They accomplish this by empowering individuals through affordable financial products, services, and education. This approach aims to foster self-help, self-respect, and expands social and economic opportunities for lower-income residents. Life Asset Inc's activities in 2022 included providing business training to over 4,500 low-income entrepreneurs and originating 672 microloans to help these entrepreneurs start or expand their businesses. As of December 31, 2022, they had 970 active loans in operation.
Official website here: www.lifeasset.org
What is the revenue of Life Asset Inc?
Life Asset Inc's revenue in 2023 was $2,086,765.
Official website here: www.lifeasset.org
Who are the executives of Life Asset Inc and what are their salaries?
The average compensation at Life Asset Inc during 2023 was $77,522. There are 8 employees and 20 volunteers at Life Asset Inc.
Here are 5 key members and their salaries:
- Compensation: $152,725
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.lifeasset.org
Where can I find the form 990 for Life Asset Inc?
Life Asset Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.lifeasset.org
Learn more at the official website: www.lifeasset.org
Mission Statement of Life Asset Inc
Life Asset Inc, a nonprofit organization, is dedicated to alleviating poverty in the Greater Washington, DC area. They achieve this mission by empowering individuals through affordable financial products, services, and education. This approach encourages self-help and self-respect, ultimately expanding social and economic opportunities for lower-income residents. The organization's mission is not just about providing financial assistance but also about promoting a sense of dignity and respect among its beneficiaries.
In line with its mission, Life Asset Inc provides business training to over 4,500 low-income entrepreneurs annually. This training equips these entrepreneurs with the necessary skills to start or expand their businesses, thereby contributing to their financial independence and self-sufficiency. Furthermore, the nonprofit originates microloans for these entrepreneurs. In 2022 alone, they provided 672 such loans, with a total of 970 active loans as of December 31, 2022. These loans help these entrepreneurs to kick-start or grow their businesses, thereby providing them with a source of income and a path out of poverty.
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Impact
July, 2024
Life Asset Inc has had a significant impact on the greater Washington, DC area by empowering individuals to alleviate poverty through affordable financial products, services, and education. By providing business training to over 4,500 low-income entrepreneurs in 2022 and originating 672 microloans to help them start or expand their businesses, Life Asset has actively worked to promote self-help, self-respect, and social and economic opportunities for lower-income residents in the region. Their efforts have not only supported individual entrepreneurs but have also contributed to the overall economic development and empowerment of the community.
This information is meant to be a general summary of Life Asset Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $128
- Program Service Revenue: $170,199
- Gross Receipts: $2,115,914
Assets and Liabilities:
- Total Assets: $6,927,009
- Total Liabilities: $2,234,048
- Net Assets: $4,692,961
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$158,374
RECOVERY OF BAD DEBTS
Revenue
$8,234
LOAN FEE INCOME
Revenue
$3,591
Organization Details
Founding Year
2011
Principal Officer
Markus Larsson
Website
www.lifeasset.orgNTEE Category
Code: P51 - Human services
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