Love Inc
- Assets
- $793.7k
- Revenue
- $211.3k
- Investments
- $0.0
- Employees
- 7
- Location
- Meridian, MS
- Founding
- 06/1983
- Data as of
- 12/2023
- EIN
- 64-0670858
Organization Overview
Love Inc is located in Meridian, MS. The organization was established in 1983. According to its NTEE Classification (K30) the organization is classified as: Food Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2023, Love Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Love 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 12/2023, Love Inc generated $211.3k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $181.7k during the year ending 12/2023. While expenses have increased by 0.9% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING MEALS TO NEEDY INDIVIDUALS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THIS ORGANIZATION IS TO FEED ALL PEOPLE IN NEED IN OUR COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Austin Mcgehee Board Member | Trustee | 0 | $0 |
Mark Benson Board Member | Trustee | 0 | $0 |
Scotty Cole Board Member | Trustee | 0 | $0 |
Charles Frazier Board Member | Trustee | 0 | $0 |
Sally Neville Board Member | Trustee | 0 | $0 |
Fannie Johnson Executive Director | OfficerTrustee | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $20,806 |
| All other contributions, gifts, grants, and similar amounts not included above | $184,523 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $205,329 |
| Total Program Service Revenue | $0 |
| Investment income | $5,996 |
| 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 | $211,325 |
| 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. | $59,228 |
| Compensation of current officers, directors, key employees. | $14,807 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $33,848 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,185 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $175 |
| Office expenses | $400 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,297 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,013 |
| Insurance | $8,798 |
| All other expenses | $6,406 |
| Total functional expenses | $181,661 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $206,624 |
| Savings and temporary cash investments | $318,786 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $268,246 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $60 |
| Total assets | $793,716 |
| Accounts payable and accrued expenses | $1,281 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,281 |
| Net assets without donor restrictions | $762,035 |
| Net assets with donor restrictions | $30,400 |
| 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 | $793,716 |