Life Asset Inc

Nonprofit profile at a glance

EIN
454737489
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-N 2012
Location
Washington, DC, USA
Phone
2027090652
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Financial Counseling

Official website

Reported finances

Revenue
$1,641,020
Expenses
$1,278,890
Assets
$9,076,088
Liabilities
$3,271,243

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • JAN MARKUS LARSSON (EXECUTIVE DIRECTOR)

Highest reported compensation

  • JAN MARKUS LARSSON (EXECUTIVE DIRECTOR): $154,500 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

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.

What it reported doing in 2024

Provided business training to over 4,500 low-income entrepreneurs during 2024; originated 646 microloans to low-income entrepreneurs during 2024 with a total of 1279 active loans as of december 31, 2024 to help them start/expand their own businesses.

Operating model

Revenue model
Grant-funded. 81% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 74
  • Accountability: 88
  • Sustainability: 69
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 60.3%; rating input score 60
  • Program expense ratio: 77.4%; rating input score 77
  • Fundraising efficiency: $12.41 raised per $1 spent on fundraising; rating input score 45; 45th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 18th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 22.1%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 7.1; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.36; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 12.1%; rating input score 30; 30th percentile among comparable filings

Growth

  • Program expense growth: 17.9% per year; rating input score 100; 80th percentile among comparable filings
  • Revenue growth: 19% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 25.9% per year; rating input score 100; 88th percentile among comparable filings

Details

  • Where the money goes: 60.3% of revenue deployed · 77.4% of spending went to programs
  • Governance: 4 of 5 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $990K in reported program spending
  • Leadership: top reported pay $154K · 5 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 45/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.
  • Moderate — Sustainability: Officer compensation ratio scored 30/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.