Civic Intelligence

Life Asset Inc.

990 • Fiscal year 2015 • EIN 45-4737489

Jan 01, 2015 to Dec 31, 2015 • Filed on Feb 24, 2017

2448 18th Street NW No AWashington, DC 20009

(202) 709-0652

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

75th percentile

0.08x

Higher debt load relative to assets than 75% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Liabilities / Revenue

84th percentile

0.14x

Higher debt load relative to revenue than 84% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Net Margin

23rd percentile

-11%

Higher net margin than 23% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Top Officer Pay

92nd percentile

$48,000

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 19.1% of source-year revenue.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Asset Growth

45th percentile

-0.1%

Faster asset growth than 45% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Annualized from 2014 to 2015

Revenue Growth

90th percentile

73%

Faster revenue growth than 90% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Annualized from 2014 to 2015

Assets

Down

$425,474

Down $243 (-0.1%) from 2014

Net Assets

Down

$390,510

Down $26,674 (-6.4%) from 2014

Liabilities

Up

$34,964

Up $26,431 (+310%) from 2014

Revenue

Up

$251,415

Up $106,060 (+73%) from 2014

Expenses

Up

$278,089

Up $125,854 (+83%) from 2014

Net Income

Down

-$26,674

Down $19,794 (-288%) from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2013: $470,703Liabilities 2013: $46,639Net Assets 2013: $424,0642013Assets 2014: $425,717Liabilities 2014: $8,533Net Assets 2014: $417,1842014Assets 2015: $425,474Liabilities 2015: $34,964Net Assets 2015: $390,5102015Assets 2016: $783,295Liabilities 2016: $379,334Net Assets 2016: $403,9612016Assets 2017: $1,240,633Liabilities 2017: $789,859Net Assets 2017: $450,7742017Assets 2018: $2,278,632Liabilities 2018: $1,381,071Net Assets 2018: $897,5612018Assets 2019: $3,017,827Liabilities 2019: $1,720,948Net Assets 2019: $1,296,8792019Assets 2020: $3,928,473Liabilities 2020: $2,182,652Net Assets 2020: $1,745,8212020Assets 2021: $6,492,765Liabilities 2021: $2,868,186Net Assets 2021: $3,624,5792021Assets 2022: $6,927,009Liabilities 2022: $2,234,048Net Assets 2022: $4,692,9612022Assets 2023: $9,442,411Liabilities 2023: $3,999,696Net Assets 2023: $5,442,7152023Assets 2024: $9,076,088Liabilities 2024: $3,271,243Net Assets 2024: $5,804,8452024

Highlighted filing

2015

Assets$425,474
Liabilities$34,964
Net Assets$390,510

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2013: $278,895Expenses 2013: $106,109Net Income 2013: $172,7862013Revenue 2014: $145,355Expenses 2014: $152,235Net Income 2014: -$6,8802014Revenue 2015: $251,415Expenses 2015: $278,089Net Income 2015: -$26,6742015Revenue 2016: $363,264Expenses 2016: $349,813Net Income 2016: $13,4512016Revenue 2017: $489,782Expenses 2017: $442,969Net Income 2017: $46,8132017Revenue 2018: $1,138,279Expenses 2018: $691,492Net Income 2018: $446,7872018Revenue 2019: $1,121,148Expenses 2019: $721,830Net Income 2019: $399,3182019Revenue 2020: $1,681,692Expenses 2020: $1,232,750Net Income 2020: $448,9422020Revenue 2021: $2,953,313Expenses 2021: $1,074,555Net Income 2021: $1,878,7582021Revenue 2022: $2,370,179Expenses 2022: $1,301,797Net Income 2022: $1,068,3822022Revenue 2023: $2,086,765Expenses 2023: $1,337,011Net Income 2023: $749,7542023Revenue 2024: $1,641,020Expenses 2024: $1,278,890Net Income 2024: $362,1302024

Highlighted filing

2015

Revenue$251,415
Expenses$278,089
Net Income-$26,674
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Feb 24, 2017
Return Version
2015v3.0
Gross Receipts
$251,415
Mission and Program 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.

The mission of Life Asset is to help alleviate poverty in Washington, DC, 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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$137,250$155,356▲ $18,106
Cash and Non-Interest-Bearing Accounts$200,664$123,167▼ $77,497
Land, Buildings, and Equipment, Net$46,923$44,677▼ $2,246
Prepaid Expenses and Deferred Charges$2,563$590▼ $1,973
Accounts Receivable$2,663$158▼ $2,505
Total Assets$425,717$425,474▼ $243
Other Assets Total$35,654$101,526▲ $65,872
Liabilities
Other Liabilities$0$31,565▲ $31,565
Accounts Payable and Accrued Expenses$8,533$3,399▼ $5,134
Total Liabilities$8,533$34,964▲ $26,431
Net Assets / Fund Balance
Unrestricted Net Assets$390,518$377,177▼ $13,341
Temporarily Rstr Net Assets$26,666$13,333▼ $13,333
Total Net Assets Fund Balance$417,184$390,510▼ $26,674
Total Liabilities and Net Assets / Fund Balance$425,717$425,474▼ $243

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$38,809$3,419$42,228
Equipment$5,868-$5,868
Other Assets Org$101,526--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Markus LarssonExecutive DirectorFT$48,000$48,000

Board Members and Trustees

NameTitle
Kim MontrollChairperson
Michael LittleDirector
James KnightExecutive Director
Rebecca J StelleSecretary
Terry FloodTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$234,177
Program Service Revenue
$11,128
Investment Income
$3
Other Revenue
$6,107
All Other Contributions
$234,177
Change in Net Assets
$-26,674

Audited Revenue Reconciliation

Revenue per Audited Statements
$251,415
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$251,415
Total Revenue per Form 990
$251,415
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$224,556
Salaries, Compensation, and Employee Benefits$53,533
Total Fundraising Expense$28,251
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$40,800$2,400$4,800$48,000
Occupancy$11,820$657$657$13,134
All Other Expenses$2,987$4,111$748$7,846
Payroll Taxes$3,344$196$393$3,933
Insurance$2,433$143$286$2,862
Other Expenses$2,390$141$281$2,812
Depreciation Depletion$1,909$112$225$2,246
Other Employee Benefits$1,360$80$160$1,600
Office Expenses$572$239$143$954
Total Functional Expenses$221,500$28,338$28,251$278,089

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$278,089
Total Expenses per Audited Statements$278,089
Total Expenses per Form 990$278,089
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
James KnightBoard member of Life Assets and Executive Director, Jubilee Housing, Inc.Life Assets rents from Jubilee Housing, Inc its office space beginning 2014.No$12,000
Markus Larsson--No-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Loans payable$30,300
Credit building loan program$1,265
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 2

Various board members are on the same boards of other non-profit organizations in Washington, DC.

Form 990, Part VI, Section B, line 11

The various board members receive an electronic version of the tax return before its filed and is voted on accordingly for its acceptance.

Form 990, Part VI, Section B, line 12C

Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: a. Has received a copy of the conflicts of interest policy, b. Has read and understands the policy, c. Has agreed to comply with the policy, and d. Understands the Organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.

Form 990, Part VI, Section C, line 19

Available upon request.

Filing and Contact Details

Filer

Filer Name
Life Asset Inc
EIN
45-4737489
Phone
2027090652
Address
2448 18th Street NW No A, Washington, DC 20009

Signing Officer

Name
Markus Larsson
Title
Executive Director
Phone
2027090652
Signed
2017-02-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Markus Larsson
Formed
2011
Legal Domicile
Dc
Voting Board Members
6
Independent Board Members
5
Employees
1
Volunteers
12

Preparer

Firm
Farmer & First PC CPA's
Address
Six State Street, Warren, RI 02885
Preparer
Robert M First CPA
Phone
8772669942
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IRS990/Desc0Provided business training to over 300 low-income entrepreneurs during 2015;Originated 100 microloans to low-income entrepreneurs during 2015 to help them start/expand their own business;Continued the work of starting a low-income credit union.
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0202680
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0825128
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt04593
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0784
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt026
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt07
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt05410
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt014369
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt01517
IRS990ScheduleA/OtherIncome170Grp/TotalAmt01517
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99170
IRS990ScheduleA/PublicSupportPY170Pct00.99860
IRS990ScheduleA/PublicSupportTotal170Amt0825128
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0234177
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0142860
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0245411
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0202680
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0825128
IRS990ScheduleA/TotalSupportAmt0832055
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt05868
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt05868
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0278089
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt038809
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt03419
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt042228
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0101526
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Loans receivable - Loan fund
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01265
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt130300
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Credit building loan program
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Loans payable
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0251415
IRS990ScheduleD/TotalBookValueLandBuildingsAmt044677
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0101526
IRS990ScheduleD/TotalExpensesPerForm990Amt0278089
IRS990ScheduleD/TotalLiabilityAmt031565
IRS990ScheduleD/TotalRevenuePerForm990Amt0251415
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0251415
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0278089
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0James Knight
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1Markus Larsson
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0Board member of Life Assets and Executive Director, Jubilee Housing, Inc.
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd10
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt012000
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0Life Assets rents from Jubilee Housing, Inc its office space beginning 2014.
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Various board members are on the same boards of other non-profit organizations in Washington, DC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The various board members receive an electronic version of the tax return before its filed and is voted on accordingly for its acceptance.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: a. Has received a copy of the conflicts of interest policy, b. Has read and understands the policy, c. Has agreed to comply with the policy, and d. Understands the Organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0DC
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt026666
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt013333
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0425717
IRS990/TotalAssetsEOYAmt0425474
IRS990/TotalAssetsGrp/BOYAmt0425717
IRS990/TotalAssetsGrp/EOYAmt0425474
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0234177
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt028251
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt028338
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0221500
IRS990/TotalFunctionalExpensesGrp/TotalAmt0278089
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt08533
IRS990/TotalLiabilitiesEOYAmt034964
IRS990/TotalLiabilitiesGrp/BOYAmt08533
IRS990/TotalLiabilitiesGrp/EOYAmt034964
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0417184
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0390510
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0221500
IRS990/TotalProgramServiceRevenueAmt011128
IRS990/TotalReportableCompFromOrgAmt048000
IRS990/TotalRevenueGrp/ExclusionAmt03
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt017235
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0251415
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt012
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0425717
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0425474
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0390518
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0377177
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02448 18th Street NW
IRS990/USAddress/CityNm0Washington
IRS990/USAddress/StateAbbreviationCd0DC
IRS990/USAddress/ZIPCd020009
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0www.lifeasset.org
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Markus Larsson
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Director
ReturnHeader/BusinessOfficerGrp/PhoneNum02027090652
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-02-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Life Asset Inc
ReturnHeader/Filer/BusinessNameControlTxt0LIFE
ReturnHeader/Filer/EIN0454737489

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