Civic Intelligence

Life Asset Inc.

990 • Fiscal year 2018 • EIN 45-4737489

Jan 01, 2018 to Dec 31, 2018 • Filed on Oct 31, 2019

2448 18th Street NW Ste AWashington, DC 20009

(202) 709-0652

Siviq Scores

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

Liabilities / Assets

84th percentile

0.61x

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

87th percentile

1.21x

Higher debt load relative to revenue than 87% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

88th percentile

39%

Higher net margin than 88% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

46th percentile

$55,000

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 4.8% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

95th percentile

84%

Faster asset growth than 95% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

95th percentile

132%

Faster revenue growth than 95% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Up

$2,278,632

Up $1,037,999 (+84%) from 2017

Net Assets

Up

$897,561

Up $446,787 (+99%) from 2017

Liabilities

Up

$1,381,071

Up $591,212 (+75%) from 2017

Revenue

Up

$1,138,279

Up $648,497 (+132%) from 2017

Expenses

Up

$691,492

Up $248,523 (+56%) from 2017

Net Income

Up

$446,787

Up $399,974 (+854%) from 2017

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

2018

Assets$2,278,632
Liabilities$1,381,071
Net Assets$897,561

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

2018

Revenue$1,138,279
Expenses$691,492
Net Income$446,787
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Oct 31, 2019
Return Version
2018v3.1
Gross Receipts
$1,138,279
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$477,325$627,776▲ $150,451
Cash and Non-Interest-Bearing Accounts$156,022$385,032▲ $229,010
Land, Buildings, and Equipment, Net$46,467$45,135▼ $1,332
Loans From Officers Directors$10,300--
Prepaid Expenses and Deferred Charges$5,150$2,113▼ $3,037
Total Assets$1,240,633$2,278,632▲ $1,037,999
Other Assets Total$555,669$1,218,576▲ $662,907
Liabilities
Unsecured Notes Loans Payable$496,296$923,142▲ $426,846
Deferred Revenue$256,071$391,632▲ $135,561
Accounts Payable and Accrued Expenses$27,192$66,297▲ $39,105
Total Liabilities$789,859$1,381,071▲ $591,212
Net Assets / Fund Balance
Unrestricted Net Assets$399,374$839,161▲ $439,787
Temporarily Rstr Net Assets$51,400$58,400▲ $7,000
Total Net Assets Fund Balance$450,774$897,561▲ $446,787
Total Liabilities and Net Assets / Fund Balance$1,240,633$2,278,632▲ $1,037,999

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$34,527$7,701$42,228
Equipment$10,608$6,348$16,956
Other Assets Org$350--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Markus LarssonExecutive DiFT$55,000$55,000

Board Members and Trustees

NameTitle
Kim MontrollBoard Chair
Olive IdehenBoard Member
Terry FloodBoard Member
James QuirosSecretary
David B WileyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,042,926
Program Service Revenue
$86,297
Investment Income
$236
Other Revenue
$8,820
All Other Contributions
$1,042,926
Change in Net Assets
$446,787

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,138,279
Total Revenue per Audited Statements
$1,138,279
Total Revenue per Form 990
$1,138,279
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$351,808
Salaries, Compensation, and Employee Benefits$339,684
Total Fundraising Expense$51,486
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$209,050$11,541$10,219$230,810
Current Officers, Directors, Trustees, and Key Employees$46,750$2,750$5,500$55,000
Other Employee Benefits$26,635$1,488$1,637$29,760
All Other Expenses$22,069$2,945$1,079$26,093
Payroll Taxes$21,582$1,206$1,326$24,114
Occupancy$19,738$1,097$1,097$21,932
Other Expenses$5,197$306$612$6,115
Insurance$3,471$204$408$4,083
Depreciation Depletion$3,351$197$394$3,942
Office Expenses$1,088$453$273$1,814
Travel$1,523$89$179$1,791
Interest$307--$307
Total Functional Expenses$591,310$48,696$51,486$691,492

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$691,492
Total Expenses per Audited Statements$691,492
Total Expenses per Form 990$691,492
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

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$10,300--
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
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, Page 6, Part VI, Line 11B

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, Page 6, Part VI, 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

Form 990, Page 6, Part VI, 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 STE A, WASHINGTON, DC 20009

Signing Officer

Name
Markus Larsson
Title
Executive Director
Phone
2027090652
Signed
2019-10-31

Organization Details

Principal Officer
Markus Larsson
Formed
2011
Legal Domicile
Dc
Voting Board Members
5
Independent Board Members
5
Employees
6
Volunteers
43

Preparer

Firm
FARMER & FIRST PC CPA'S
Address
6 STATE ST, WARREN, RI 02885-3120
Preparer
Robert First CPA
Phone
4012471040
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S 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.

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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS INCOME 13,889
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt01042926
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0451712
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0344650
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0234177
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0142860
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02216325
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0236
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0112
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt04453
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt04593
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0784
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt010178
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0133075
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt08820
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt03009
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0543
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt01517
IRS990ScheduleA/OtherIncome170Grp/TotalAmt013889
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.98930
IRS990ScheduleA/PublicSupportPY170Pct00.98950
IRS990ScheduleA/PublicSupportTotal170Amt02216325
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt01042926
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0451712
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0344650
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0234177
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0142860
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02216325
IRS990ScheduleA/TotalSupportAmt02240392
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/ScheduleBRequiredInd0true
IRS990ScheduleD/EquipmentGrp/BookValueAmt010608
IRS990ScheduleD/EquipmentGrp/DepreciationAmt06348
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt016956
IRS990ScheduleD/ExpensesSubtotalAmt0691492
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt034527
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt07701
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt042228
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt01218226
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1350
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0LOAN RECEIVABLE - LOAN FUND
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1SECURITY DEPOSITS
IRS990ScheduleD/RevenueSubtotalAmt01138279
IRS990ScheduleD/TotalBookValueLandBuildingsAmt045135
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01218576
IRS990ScheduleD/TotalExpensesPerForm990Amt0691492
IRS990ScheduleD/TotalRevenuePerForm990Amt01138279
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01138279
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0691492
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 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.
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
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0DC
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt051400
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt058400
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01240633
IRS990/TotalAssetsEOYAmt02278632
IRS990/TotalAssetsGrp/BOYAmt01240633
IRS990/TotalAssetsGrp/EOYAmt02278632
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt01042926
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt051486
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt048696
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0591310
IRS990/TotalFunctionalExpensesGrp/TotalAmt0691492
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0789859
IRS990/TotalLiabilitiesEOYAmt01381071
IRS990/TotalLiabilitiesGrp/BOYAmt0789859
IRS990/TotalLiabilitiesGrp/EOYAmt01381071
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0450774
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0897561
IRS990/TotalProgramServiceExpensesAmt0591310
IRS990/TotalProgramServiceRevenueAmt086297
IRS990/TotalReportableCompFromOrgAmt055000
IRS990/TotalRevenueGrp/ExclusionAmt0236
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt095117
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01138279
IRS990/TotalVolunteersCnt043
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01240633
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02278632
IRS990/TravelGrp/FundraisingAmt0179
IRS990/TravelGrp/ManagementAndGeneralAmt089
IRS990/TravelGrp/ProgramServicesAmt01523
IRS990/TravelGrp/TotalAmt01791
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0399374
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0839161
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0496296
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0923142
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02448 18TH STREET NW STE A
IRS990/USAddress/CityNm0WASHINGTON
IRS990/USAddress/StateAbbreviationCd0DC
IRS990/USAddress/ZIPCd020009
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.LIFEASSET.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02020-04-17 16:48:07Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MARKUS LARSSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum02027090652
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-10-31
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LIFE ASSET INC
ReturnHeader/Filer/BusinessNameControlTxt0LIFE
ReturnHeader/Filer/EIN0454737489
ReturnHeader/Filer/PhoneNum02027090652
ReturnHeader/Filer/USAddress/AddressLine1Txt02448 18TH STREET NW STE A
ReturnHeader/Filer/USAddress/CityNm0WASHINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0DC
ReturnHeader/Filer/USAddress/ZIPCd020009
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0F0F18893475A5D80C178EFE812102C80DE006AC2

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