Nonprofit · EIN 45-4737489
LIFE ASSET INC
Tax-exempt · WASHINGTON, DC 20009
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $1,641,020 | $1,278,890 | $362,130 | $9,076,088 | $3,271,243 | $5,804,845 |
| December 31, 2023 | 990 | $2,086,765 | $1,337,011 | $749,754 | $9,442,411 | $3,999,696 | $5,442,715 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,428,298
- of which government grants
- $1,326,697
- Program service revenue
- $212,274
- Investment income
- $448
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $154,500
- Other salaries and wages
- $463,316
- Salaries, compensation and benefits (total)
- $686,214
- Professional fundraising fees
- $0
- Legal fees
- $10,787
- Accounting fees
- $107,719
- Occupancy
- $35,117
- Travel
- $6,321
- Depreciation
- $2,110
- Program services (functional)
- $989,559
- Management and general (functional)
- $174,208
- Fundraising (functional)
- $115,123
Balance sheet and other
- Total assets, start of year
- $9,442,411
- Total assets, end of year
- $9,076,088
- Total liabilities, end of year
- $3,271,243
- Net assets, end of year
- $5,804,845
- Land, buildings and equipment
- $1,012
- Net assets without donor restrictions
- $5,804,845
- Gross receipts
- $1,641,020
- Employees
- 11
- Volunteers
- 20
- Year formed
- 2011
- State of legal domicile
- DC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JAN MARKUS LARSSON | EXECUTIVE DIRECTOR Trustee or director, Officer | 40 | $150,000 | $4,500 |
| OLIVE IDEHEN | BOARD CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| ALFONSO PEARSON | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| JAIME QUIROS | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| TERRY FLOOD | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 5 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MARKUS LARSSON | EXECUTIVE DI Trustee or director, Officer | 40 | $152,725 |
| TERRY FLOOD | DIRECTOR Trustee or director | 1 | $0 |
| OLIVE IDEHEN | BOARD CHAIR Trustee or director, Officer | 1 | $0 |
| ALFONSO PEARSON | TREASURER Trustee or director, Officer | 1 | $0 |
| JAIME QUIROS | SECRETARY Trustee or director, Officer | 1 | $0 |
Address and contacts
- Address (IRS master file)
- 1640 COLUMBIA RD NW, WASHINGTON, DC 20009-3602
- In care of
- % MARKUS LARSSON
- Principal officer (990 for 2024)
- MARKUS LARSSON, 1640 COLUMBIA RD NW, WASHINGTON, DC 20009
- Signed the 990
- MARKUS LARSSON, EXECUTIVE DIRECTOR
- Phone
- (202) 709-0652
- Website
- WWW.LIFEASSET.ORG
- 990-N for 2012 filed under this EIN
- Most likely by a chapter, club or affiliate (it says receipts are normally $50,000 or less). Officer: Markus Larsson, 1640 Columbia Road NW, Washington DC 20009. Mailing address: 1640 Columbia Road NW, Washington DC 20009.
- Return prepared by
- GELMAN ROSENBERG & FREEDMAN
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.
Program accomplishments
- 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.Expenses $989,559 · revenue $212,274
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 45-4737489
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2013
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Human services (P51)
- Assets (IRS master file)
- $9,076,088
- Income (IRS master file)
- $1,641,020
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $1,641,020 | $1,278,890 | $9,076,088 | IRS |
| 990 | December 2023 | $2,086,765 | $1,337,011 | $9,442,411 | XML |
| 990 | December 2022 | $2,370,179 | $1,301,797 | $6,927,009 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
| 990-N for 2012 Officer: Markus Larsson Filed under this EIN, most likely by a chapter or affiliate | December 31, 2012 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 45-4737489).
Questions about LIFE ASSET INC
- What is the EIN of LIFE ASSET INC?
- The employer identification number (EIN) of LIFE ASSET INC is 45-4737489.
- Is LIFE ASSET INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2013.
- Are donations to LIFE ASSET INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does LIFE ASSET INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of LIFE ASSET INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did LIFE ASSET INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of LIFE ASSET INC?
- The 990 for the year ended December 31, 2024 names MARKUS LARSSON.
- Who are the officers and directors of LIFE ASSET INC?
- The 990 for the year ended December 31, 2024 lists 5 people; 1 received compensation from the organization, the highest $150,000 (JAN MARKUS LARSSON, EXECUTIVE DIRECTOR).
- How much revenue does LIFE ASSET INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $1,641,020, expenses of $1,278,890 and total assets of $9,076,088 at year end.
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