Low Income Family Enrichment Corporation
- Assets
- $22.3m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Aspen, CO
- Founding
- 05/2006
- Data as of
- 12/2021
- 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 12/2021, Low Income Family Enrichment Corporation generated $3.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $2.7m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Low Income Family Enrichment Corporation has awarded 47 individual grants totaling $309,710. 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
2021
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 |
|---|---|---|---|
Barnett Davis II Executive Director | 40 | $225,000 | |
Ron Gallagher Board Member | 5 | $0 | |
Adam Fineman Board Member | 5 | $0 | |
Frank Gallagher III CFO / Secretary | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1,716 |
| 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 | $3,163,985 |
| Total Revenue | $3,165,701 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $225,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $3,155 |
| Interest | $598,113 |
| Taxes | $18,029 |
| Depreciation | $472,462 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $7,509 |
| Printing and publications | $0 |
| Other expenses | $1,275,541 |
| Total operating and administrative expenses | $2,638,911 |
| Contributions, gifts, grants paid | $25,000 |
| Total expenses and disbursements | $2,663,911 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,914,234 |
| Savings and temporary cash investments | $1,490,030 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $13,294 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $44,828 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $13,789,123 |
| Other assets | $5,014,103 |
| Total assets | $22,265,612 |
| Accounts payable and accrued expenses | $526,594 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $14,980,000 |
| Other liabilities | $2,269,841 |
| Total liabilities | $17,776,435 |
Grants Awarded
Over the last fiscal year, Low Income Family Enrichment Corporation has awarded $25,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Salinas, CA PURPOSE: GENERAL SUPPORT | $5,000 |
Monterey, CA PURPOSE: GENERAL SUPPORT | $5,000 |
RANCHO CIELO PURPOSE: GENERAL SUPPORT | $5,000 |
Seaside, CA PURPOSE: GENERAL SUPPORT | $5,000 |
COMMUNITY ALLIANCE FOR SAFETY & PEACE PURPOSE: GENERAL SUPPORT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Low Income Family Enrichment Corporation Aspen, CO | $22,265,612 | $3,165,701 |
Invest Nebraska Corp Lincoln, NE | $47,893,884 | $10,253,547 |
American Finance Association Salt Lake City, UT | $24,668,560 | $2,101,619 |
Opensky Policy Institute Lincoln, NE | $1,977,382 | $1,072,633 |
Arizona Tax Research Association Phoenix, AZ | $214,797 | $549,361 |
Great Plains Federal Tax Institute Inc Lincoln, NE | $282,878 | $0 |
Wayne County Business Association Teasdale, UT | $2,146 | $0 |
Advanced Strategies Ltd Denver, CO | $27,519 | $0 |
Unity Above Self In America Inc Kingfisher, OK | $13,263 | $0 |