Civic Intelligence

Life Asset Inc.

990 • Fiscal year 2019 • EIN 45-4737489

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 13, 2020

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

0.57x

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

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

89th percentile

1.53x

Higher debt load relative to revenue than 89% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

87th percentile

36%

Higher net margin than 87% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

58th percentile

$79,600

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 7.1% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

86th percentile

32%

Faster asset growth than 86% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

35th percentile

-1.5%

Faster revenue growth than 35% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Assets

Up

$3,017,827

Up $739,195 (+32%) from 2018

Net Assets

Up

$1,296,879

Up $399,318 (+44%) from 2018

Liabilities

Up

$1,720,948

Up $339,877 (+25%) from 2018

Revenue

Down

$1,121,148

Down $17,131 (-1.5%) from 2018

Expenses

Up

$721,830

Up $30,338 (+4.4%) from 2018

Net Income

Down

$399,318

Down $47,469 (-11%) from 2018

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

2019

Assets$3,017,827
Liabilities$1,720,948
Net Assets$1,296,879

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

2019

Revenue$1,121,148
Expenses$721,830
Net Income$399,318
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 13, 2020
Return Version
2019v5.0
Gross Receipts
$1,121,148
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$627,776$723,669▲ $95,893
Cash and Non-Interest-Bearing Accounts$385,032$408,713▲ $23,681
Land, Buildings, and Equipment, Net$45,135$40,672▼ $4,463
Prepaid Expenses and Deferred Charges$2,113$6,508▲ $4,395
Total Assets$2,278,632$3,017,827▲ $739,195
Other Assets Total$1,218,576$1,838,265▲ $619,689
Liabilities
Unsecured Notes Loans Payable$923,142$1,259,814▲ $336,672
Deferred Revenue$391,632$440,116▲ $48,484
Accounts Payable and Accrued Expenses$66,297$21,018▼ $45,279
Total Liabilities$1,381,071$1,720,948▲ $339,877
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$839,161$1,212,139▲ $372,978
Net Assets With Donor Restrictions$58,400$84,740▲ $26,340
Total Net Assets Fund Balance$897,561$1,296,879▲ $399,318
Total Liabilities and Net Assets / Fund Balance$2,278,632$3,017,827▲ $739,195

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$33,119$9,109$42,228
Equipment$7,553$9,403$16,956
Other Assets Org$350--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Markus LarssonExecutive DiFT$79,600$79,600

Board Members and Trustees

NameTitle
Olive IdehenBoard Chair
Alfonso PearsonDirector
Steven PearlmanDirector
James QuirosSecretary
Terry FloodTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$985,286
Program Service Revenue
$133,378
Investment Income
$374
Other Revenue
$2,110
All Other Contributions
$270,785
Change in Net Assets
$399,318

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,121,148
Total Revenue per Audited Statements
$1,121,148
Total Revenue per Form 990
$1,121,148
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$393,909
Other Expenses$327,921
Total Fundraising Expense$58,181
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$227,958$12,535$10,207$250,700
Current Officers, Directors, Trustees, and Key Employees$67,660$3,980$7,960$79,600
Payroll Taxes$27,461$1,534$1,688$30,683
All Other Expenses$22,642$3,954$1,204$27,800
Other Employee Benefits$23,852$1,332$1,466$26,650
Occupancy$17,944$997$997$19,938
Other Expenses$7,344$28,860$32,444$7,344
Pension Plan Contributions$5,617$314$345$6,276
Office Expenses$2,954$1,231$738$4,923
Depreciation Depletion$3,794$223$446$4,463
Insurance$3,770$222$443$4,435
Information Technology$2,487--$2,487
Travel$2,061$121$243$2,425
Interest$2,332--$2,332
Total Functional Expenses$608,346$55,303$58,181$721,830

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$721,830
Total Expenses per Audited Statements$721,830
Total Expenses per Form 990$721,830
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
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 35% controlled entity
No
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
2020-11-13

Organization Details

Principal Officer
Markus Larsson
Formed
2011
Legal Domicile
Dc
Voting Board Members
5
Independent Board Members
5
Employees
6
Volunteers
45

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/PYProgramServiceRevenueAmt086297
IRS990/PYRevenuesLessExpensesAmt0446787
IRS990/PYSalariesCompEmpBnftPaidAmt0339684
IRS990/PYTotalExpensesAmt0691492
IRS990/PYTotalRevenueAmt01138279
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0399318
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS INCOME 15,999
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0985286
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt01042926
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0451712
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0344650
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0234177
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt03058751
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0374
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0236
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0112
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt04453
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt04593
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt09768
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0268563
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt02110
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt08820
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt03009
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt0543
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt01517
IRS990ScheduleA/OtherIncome170Grp/TotalAmt015999
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99160
IRS990ScheduleA/PublicSupportPY170Pct00.98930
IRS990ScheduleA/PublicSupportTotal170Amt03058751
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0985286
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt01042926
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0451712
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0344650
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0234177
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt03058751
IRS990ScheduleA/TotalSupportAmt03084518
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/BookValueAmt07553
IRS990ScheduleD/EquipmentGrp/DepreciationAmt09403
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt016956
IRS990ScheduleD/ExpensesSubtotalAmt0721830
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt033119
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt09109
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt042228
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt01837915
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1350
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0LOAN RECEIVABLE - LOAN FUND
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1SECURITY DEPOSITS
IRS990ScheduleD/RevenueSubtotalAmt01121148
IRS990ScheduleD/TotalBookValueLandBuildingsAmt040672
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01838265
IRS990ScheduleD/TotalExpensesPerForm990Amt0721830
IRS990ScheduleD/TotalRevenuePerForm990Amt01121148
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01121148
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0721830
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/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt02278632
IRS990/TotalAssetsEOYAmt03017827
IRS990/TotalAssetsGrp/BOYAmt02278632
IRS990/TotalAssetsGrp/EOYAmt03017827
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0985286
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt058181
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt055303
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0608346
IRS990/TotalFunctionalExpensesGrp/TotalAmt0721830
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01381071
IRS990/TotalLiabilitiesEOYAmt01720948
IRS990/TotalLiabilitiesGrp/BOYAmt01381071
IRS990/TotalLiabilitiesGrp/EOYAmt01720948
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0897561
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01296879
IRS990/TotalProgramServiceExpensesAmt0608346
IRS990/TotalProgramServiceRevenueAmt0133378
IRS990/TotalReportableCompFromOrgAmt079600
IRS990/TotalRevenueGrp/ExclusionAmt0374
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0135488
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01121148
IRS990/TotalVolunteersCnt045
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02278632
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03017827
IRS990/TravelGrp/FundraisingAmt0243
IRS990/TravelGrp/ManagementAndGeneralAmt0121
IRS990/TravelGrp/ProgramServicesAmt02061
IRS990/TravelGrp/TotalAmt02425
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0923142
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt01259814
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/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MARKUS LARSSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum02027090652
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LIFE ASSET INC
ReturnHeader/Filer/BusinessNameControlTxt0LIFE
ReturnHeader/Filer/EIN0454737489
ReturnHeader/Filer/PhoneNum02027090652
ReturnHeader/Filer/USAddress/AddressLine1Txt02448 18TH STREET NW STE A

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