Low Income Family Enrichment Corporation
- Assets
- $20.4m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Aspen, CO
- Founding
- 05/2006
- Data as of
- 12/2023
- EIN
- 26-0127611
Organization Overview
Low Income Family Enrichment Corporation is located in Aspen, CO. The organization was established in 2006. According to its NTEE Classification (W22) the organization is classified as: Public Finance, Taxation & Monetary Policy, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Low Income Family Enrichment Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Low Income Family Enrichment Corporation generated $3.2m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $2.6m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Low Income Family Enrichment Corporation has awarded 69 individual grants totaling $416,680. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
GOVERNMENT AND 501(C)(3) LEASE PROGRAMS:SINCE INCEPTION OF THE LEASE PROGRAMS, LIFE FOUNDATION HAS GIVEN THE DEPARTMENT OF SOCIAL AND EMPLOYMENT SERVICES APPROXIMATELY $1.6 MILLION FOR TENANT AND CAPITAL IMPROVEMENTS TO ENHANCE THE SPACE FOR EMPLOYEES AND SERVICE RECIPIENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam Fineman Board Member | 5 | $0 | |
Ron Gallagher Board Member | 5 | $0 | |
Frank Gallagher III CFO / Secretary | 5 | $0 | |
Barnett Davis II Executive Director | 40 | $64,100 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lotus Rmd | 12/30/23 | $175,000 |
Ag Davi Property Management | 12/30/23 | $122,602 |
Condor Security | 12/30/23 | $112,742 |
Quality First Services | 12/30/23 | $109,275 |
A&r Plumbing | 12/30/23 | $98,368 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $20,840 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $3,132,033 |
| Total Revenue | $3,152,873 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $64,100 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $443,361 |
| Taxes | $22,220 |
| Depreciation | $474,209 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $37,887 |
| Printing and publications | $0 |
| Other expenses | $1,430,295 |
| Total operating and administrative expenses | $2,537,008 |
| Contributions, gifts, grants paid | $40,102 |
| Total expenses and disbursements | $2,577,110 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,059,078 |
| Savings and temporary cash investments | $1,891,855 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $24,652 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $60,137 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $13,029,196 |
| Other assets | $4,382,520 |
| Total assets | $20,447,438 |
| Accounts payable and accrued expenses | $402,812 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $12,450,000 |
| Other liabilities | $1,818,996 |
| Total liabilities | $14,671,808 |
Grants Awarded
Over the last fiscal year, Low Income Family Enrichment Corporation has awarded $40,102 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
ACTION COUNCIL OF MONTEREY PURPOSE: GENERAL SUPPORT | $4,000 |
HOSPICE GIVING FOUNDATION PURPOSE: GENERAL SUPPORT | $5,000 |
ACTIVE SENIORS INC PURPOSE: GENERAL SUPPORT | $2,500 |
SALINAS POLICE ACTIVITIES LEAGUE PURPOSE: GENERAL SUPPORT | $10,102 |
RANCHO CIELO PURPOSE: GENERAL SUPPORT | $15,000 |
SALINAS VETERANS DAY PARADE PURPOSE: GENERAL SUPPORT | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Low Income Family Enrichment Corporation Aspen, CO | $20,447,438 | $3,152,873 |
Invest Nebraska Corp Lincoln, NE | $61,578,632 | $9,811,517 |
American Finance Association Salt Lake City, UT | $24,668,560 | $2,101,619 |
Opensky Policy Institute Lincoln, NE | $2,039,491 | $1,109,497 |
Arizona Tax Research Association Phoenix, AZ | $225,877 | $506,088 |
Rebound New Mexico Albuquerque, NM | $130,319 | $242,597 |
Great Plains Federal Tax Institute Inc Lincoln, NE | $284,058 | $0 |
Wayne County Business Association Teasdale, UT | $2,146 | $0 |
Unity Above Self In America Inc Kingfisher, OK | $13,263 | $0 |
Kodi Scottsdale, AZ | $0 | $0 |