Laamistad Inc
Laamistad Inc. shows significant revenue growth but inconsistent annual financial performance with no reported officer compensation.
EIN: 205359559 · Atlanta, GA · NTEE: O50 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $3.0M |
| Total Expenses | $1.8M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $3 |
| Net Assets | $1.6M |
| Transparency Score | 75/100 |
Is Laamistad Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Laamistad Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Laamistad Inc
Laamistad Inc (EIN: 205359559) is a nonprofit organization based in Atlanta, GA, classified under NTEE code O50. The organization reported total revenue of $3.0M and total assets of $2.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Laamistad Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Laamistad Inc is a mid-size nonprofit that has been operating for 20 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 17.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.4M |
| Total Expenses | $1.8M |
| Surplus / Deficit | $-439,371 |
| Total Assets | $1.9M |
| Total Liabilities | $353K |
| Net Assets | $1.6M |
| Operating Margin | -31.9% |
| Debt-to-Asset Ratio | 18.4% |
| Months of Reserves | 12.7 months |
Financial Health Grade: B
In 2023, Laamistad Inc reported a deficit of $439K with expenses exceeding revenue, holds 12.7 months of operating reserves (strong position), has a debt-to-asset ratio of 18.4% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Laamistad Inc's revenue has grown at a compound annual growth rate (CAGR) of 17.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -39.5% | +25.8% | -7.9% |
| 2022 | +89.1% | +31.7% | +59.0% |
| 2021 | -17.8% | -4.1% | +4.8% |
| 2020 | +25.9% | +24.3% | +49.7% |
| 2019 | +39.3% | +3.4% | +49.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1200 |
| IRS Ruling Date | 2006 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Laamistad Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Laamistad Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $439K, with expenses exceeding revenue.
- Debt-to-asset ratio: 18.4%.
Executive Compensation Analysis
Laamistad Inc. consistently reports 0% officer compensation across all 13 filings, which is highly unusual for an organization with revenues reaching nearly $3 million. This suggests either a fully volunteer-led executive team or that compensation is reported under other expense categories, which would warrant further investigation for clarity.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Laamistad Inc's IRS 990 filings:
- Inconsistent annual financial performance (e.g., expenses exceeding revenue in 202306 after a surplus in 202206)
- Unusually low or 0% reported officer compensation for an organization of this size, potentially indicating miscategorization or lack of transparency in executive pay.
Strengths
The following positive indicators were identified for Laamistad Inc:
- Strong revenue growth over the past decade, from $356,429 in 2014 to $2,989,885 currently.
- Consistent filing of IRS Form 990s for 13 periods, demonstrating commitment to transparency.
- Significant growth in assets, from $255,959 in 2014 to $2,854,218 currently, indicating increasing financial capacity.
Frequently Asked Questions about Laamistad Inc
Is Laamistad Inc a legitimate charity?
Laamistad Inc (EIN: 205359559) is a registered tax-exempt nonprofit based in Georgia. Our AI analysis gives it a Mission Score of 75/100. It has 13 years of IRS 990 filings on record. Total revenue: $3.0M. 2 red flags identified. 3 strengths noted. Financial health grade: B.
How does Laamistad Inc spend its money?
Laamistad Inc directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Laamistad Inc tax-deductible?
Laamistad Inc is registered as a tax-exempt nonprofit (EIN: 205359559). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Laamistad Inc CEO make?
Laamistad Inc's highest-compensated officer earns $3 annually. The organization reported $3.0M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Laamistad Inc's spending goes to programs?
Laamistad Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Laamistad Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Laamistad Inc is above average for NTEE category O50 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Laamistad Inc located?
Laamistad Inc is headquartered in Atlanta, Georgia and files with the IRS under EIN 205359559. It is classified under NTEE code O50.
How many years of IRS 990 filings does Laamistad Inc have?
Laamistad Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $3.0M in total revenue.
Why does Laamistad Inc. consistently report 0% officer compensation despite significant revenue?
The consistent reporting of 0% officer compensation across all 13 filings, even with revenues approaching $3 million, is highly unusual. It could indicate a fully volunteer-led executive team, or that executive compensation is categorized differently within the financial statements, which would require further review of their detailed Form 990s to understand.
What caused the significant expense exceeding revenue in the 202306 period?
In the 202306 period, Laamistad Inc. reported expenses of $1,818,445 against revenues of $1,379,074, resulting in a deficit for that year. The specific reasons for this deficit are not detailed in the provided summary data and would require examining the full Form 990 for that period to understand the nature of the increased expenses or decreased revenue.
How does Laamistad Inc. manage its liabilities, given the fluctuations?
Laamistad Inc.'s liabilities have fluctuated, from a low of $4,304 in 2014 to a high of $352,734 in 2023. While the overall trend shows an increase, the organization's assets have also grown significantly, suggesting it generally maintains a healthy asset-to-liability ratio. However, the jump in liabilities in 2023 warrants closer examination to understand its nature.
Filing History
IRS 990 filing history for Laamistad Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Laamistad Inc's revenue has grown by 590.3%, moving from $200K to $1.4M. Total assets increased by 1108.2% over the same period, from $159K to $1.9M. Total functional expenses rose by 836.3%, from $194K to $1.8M. In its most recent filing year (2023), Laamistad Inc reported a deficit of $439K, with expenses exceeding revenue. The organization holds $353K in liabilities against $1.9M in assets (debt-to-asset ratio: 18.4%), resulting in net assets of $1.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.4M | $1.8M | $1.9M | $353K | — | View 990 |
| 2022 | $2.3M | $1.4M | $2.1M | $77K | — | View 990 |
| 2021 | $1.2M | $1.1M | $1.3M | $140K | — | View 990 |
| 2020 | $1.5M | $1.1M | $1.2M | $188K | — | View 990 |
| 2019 | $1.2M | $921K | $834K | $96K | — | View 990 |
| 2018 | $837K | $891K | $559K | $67K | — | View 990 |
| 2017 | $678K | $959K | $616K | $69K | — | View 990 |
| 2016 | $904K | $714K | $885K | $58K | — | View 990 |
| 2015 | $921K | $536K | $655K | $18K | — | View 990 |
| 2014 | $356K | $328K | $256K | $4K | — | View 990 |
| 2013 | $425K | $244K | $235K | $12K | — | View 990 |
| 2012 | $246K | $250K | $155K | $0 | — | View 990 |
| 2011 | $200K | $194K | $159K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.4M, expenses of $1.8M, and assets of $1.9M (revenue -39.5% year-over-year).
- 2022: Revenue of $2.3M, expenses of $1.4M, and assets of $2.1M (revenue +89.1% year-over-year).
- 2021: Revenue of $1.2M, expenses of $1.1M, and assets of $1.3M (revenue -17.8% year-over-year).
- 2020: Revenue of $1.5M, expenses of $1.1M, and assets of $1.2M (revenue +25.9% year-over-year).
- 2019: Revenue of $1.2M, expenses of $921K, and assets of $834K (revenue +39.3% year-over-year).
- 2018: Revenue of $837K, expenses of $891K, and assets of $559K (revenue +23.4% year-over-year).
- 2017: Revenue of $678K, expenses of $959K, and assets of $616K (revenue -24.9% year-over-year).
- 2016: Revenue of $904K, expenses of $714K, and assets of $885K (revenue -1.9% year-over-year).
- 2015: Revenue of $921K, expenses of $536K, and assets of $655K (revenue +158.5% year-over-year).
- 2014: Revenue of $356K, expenses of $328K, and assets of $256K (revenue -16.1% year-over-year).
- 2013: Revenue of $425K, expenses of $244K, and assets of $235K (revenue +72.5% year-over-year).
- 2012: Revenue of $246K, expenses of $250K, and assets of $155K (revenue +23.2% year-over-year).
- 2011: Revenue of $200K, expenses of $194K, and assets of $159K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Laamistad Inc:
Data Sources and Methodology
This transparency report for Laamistad Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.