Life Asset Inc
- Assets
- $6.5m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 8
- Location
- Washington, DC
- Founding
- 02/2013
- Data as of
- 12/2021
- EIN
- 45-4737489
Organization Overview
Life Asset Inc is located in Washington, DC. The organization was established in 2013. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. As of 12/2021, Life Asset Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Life Asset Inc 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, Life Asset Inc generated $3.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 42.2% each year . All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 21.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF LIFE ASSET IS TO HELP ALLEVIATE POVERTY IN THE GREATER WASHINGTON, DC AREA, BY EMPOWERING PEOPLE THROUGH AFFORDABLE FINANCIAL PRODUCTS, SERVICES, AND EDUCATION, THEREBY PROMOTING SELF-HELP AND SELF- RESPECT AND EXPANDING SOCIAL AND ECONOMIC OPPORTUNITIES FOR LOWER INCOME RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED BUSINESS TRAINING TO OVER 4,500 LOW-INCOME ENTREPRENEURS DURING 2021; ORIGINATED 652 MICROLOANS TO LOW-INCOME ENTREPRENEURS DURING 2021 WITH A TOTAL OF 846 ACTIVE LOANS AS OF DECEMBER 31, 2021 TO HELP THEM START/EXPAND THEIR OWN BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Markus Larsson Executive Di | Officer | 40 | $84,500 |
Olive Idehen Board Chair | OfficerTrustee | 1 | $0 |
Terry Flood Treasurer | OfficerTrustee | 1 | $0 |
Jaime Quiros Secretary | OfficerTrustee | 1 | $0 |
Steven Pearlman Director | Trustee | 1 | $0 |
Alfonso Pearson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,982,893 |
| All other contributions, gifts, grants, and similar amounts not included above | $839,690 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,822,583 |
| Total Program Service Revenue | $130,641 |
| Investment income | $89 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,953,313 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $84,500 |
| Compensation of current officers, directors, key employees. | $4,225 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $308,432 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $51,942 |
| Payroll taxes | $46,276 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6,089 |
| Information technology | $428 |
| Royalties | $0 |
| Occupancy | $21,016 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,248 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,364 |
| Insurance | $5,024 |
| All other expenses | $25,421 |
| Total functional expenses | $1,074,555 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,285,994 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,634,807 |
| Accounts receivable, net | $8,515 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,206 |
| Net Land, buildings, and equipment | $36,711 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,524,532 |
| Total assets | $6,492,765 |
| Accounts payable and accrued expenses | $44,879 |
| Grants payable | $0 |
| Deferred revenue | $1,876,255 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $947,052 |
| Other liabilities | $0 |
| Total liabilities | $2,868,186 |
| Net assets without donor restrictions | $3,614,579 |
| Net assets with donor restrictions | $10,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,492,765 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Life Asset Inc has recieved totaling $560,053.
| Awarding Organization | Amount |
|---|---|
Citi Foundation New York, NY PURPOSE: SMALL BUSINESS TECHNICAL ASSISTANCE INITIATIVE | $500,000 |
Greater Washington Community Foundation Washington, DC PURPOSE: GENERAL SUPPORT | $35,000 |
If Foundation Washington, DC PURPOSE: GENERAL SUPPORT | $15,000 |
Helen J Serini Foundation Inc Reisterstown, MD PURPOSE: GENERAL OPERATING SUPPORT TO EXPAND LIFE ASSET'S MICROLOAN AND FINANCIAL TRAINING PROGRAM TO MORE LOW-INCOME ENTREPRENEURS IN ANNE ARUNDEL COUNTY, BALTIMORE COUNTY, BALTIMORE CITY, AND FREDERICK COUNTY - CREATING FINANCIAL SELF-SUFFICIENCY THROUGH SMALL BUSINESS OWNERSHIP. SECOND OF THREE INSTALLMENTS. | $10,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $53 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Humentum Washington, DC | $3,896,322 | $9,731,950 |
National Foundation For Credit Counseling Inc Washington, DC | $8,192,491 | $8,760,104 |
Motley Fool Foundation Alexandria, VA | $13,206,539 | $15,812,396 |
Consumer Credit Counseling Service Of Maryland And Delaware Inc Columbia, MD | $10,074,197 | $2,872,253 |
Maryland Capital Enterprises Inc Salisbury, MD | $12,872,521 | $4,572,736 |
Cash Campaign Of Maryland Inc Baltimore, MD | $1,565,207 | $2,174,273 |
Life Asset Inc Washington, DC | $6,492,765 | $2,953,313 |
Housing Options & Planning Enterprises Inc Oxon Hill, MD | $202,491 | $697,836 |
Homeownership Council Of America Washington, DC | $137,936 | $530,051 |
Black Wealth Summit Inc Lanham, MD | $118,555 | $533,255 |
Freedom First Enterprises Roanoke, VA | $498,620 | $425,122 |
Making Change Inc Columbia, MD | $94,551 | $289,968 |