LETS INNOVATE THROUGH EDUCATION DBA LIT Charity Report

Tax-exempt status may be revoked

LETS INNOVATE THROUGH EDUCATION DBA LIT

EIN 47-2532088 · Student Services (B80)

What they do

LETS INNOVATE THROUGH EDUCATIONS MISSION is to EQUIP AFRICAN AMERICAN and LATINX STUDENTS WITH 21ST CENTURY SKILLS to BUILD WEALTH THROUGH ENTREPRENEURSHIP.

Before you give

Should I give to this charity?

Easy charity check

Stop and check first

This record may have an IRS status problem. Do not give until you verify it.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkThere may be a problem with its nonprofit status. Check before giving.

Money report from 2021The report may be old. Ask for a newer one.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders15 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

70.80%of revenue went to mission work60.4% of expenses · Program services

0.91%of revenue went to fundraising0.8% of expenses

$117.29spent for every $100 of revenueSpending was higher than revenue this year.

45.57%of revenue went to management and office costs38.9% of expenses

$0.42in assets for every $1 spent this yearSome assets cannot be spent right away.

99.8%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $74,146 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $90,000 for LARISSA GREGORY (EXECUTIVE DIRECTOR). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2021

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$428,944

Mission workProgram services$303,70570.80% of revenue60.4% of expenses

ManagementOffice and general costs$195,48245.57% of revenue38.9% of expenses

FundraisingAsking for donations$3,9030.91% of revenue0.8% of expenses

Total expenses$503,090117.29% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2021CurrentExpense mix: 60.4% mission · 38.9% management · 0.8% fundraisingTotal expenses: 117.29% of revenue

2020Expense mix: 68.3% mission · 24.5% management · 7.2% fundraisingTotal expenses: 84.88% of revenue

2019Expense mix: 66.0% mission · 28.5% management · 5.6% fundraisingTotal expenses: 80.64% of revenue

Money in and money out

Revenue$428,944

Expenses$503,090

Annual shortfall $74,146 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$303,705 · 60.4% of expenses

Management and office costs$195,482 · 38.9% of expenses

Fundraising$3,903 · 0.8% of expenses

See all reported dollar amounts

Revenue$428,944

Expenses$503,090

Assets$211,246

Income$599,659

Contributions$427,951

Mission work (program services)$303,705

Fundraising$3,903

Management and general$195,482

People

Leadership and board

Tax year 2021

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

LARISSA GREGORYEXECUTIVE DIRECTOR · 40 hrs/week $90,000

LAKETHIA GLENNFORMER EXECUTIVE DIRECTOR · 40 hrs/week $75,000

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (15)

LARISSA GREGORYEXECUTIVE DIRECTOR

LAKETHIA GLENNFORMER EXECUTIVE DIRECTOR

AUDREY WILLISTRUSTEE

BILL OCONNORTRUSTEE

BUD RICHEYTRUSTEE

FAYRE CROSSLEYTRUSTEE

FRANKIE DAKINTRUSTEE

JONATHAN FRISCHCHAIR

KEITH COLLINSTRUSTEE

LEE MORRISTRUSTEE

MICHAEL SCRUGGSTRUSTEE

MICHAEL WHALEYTRUSTEE

SCOTT NOTOWICHTREASURER

SHERMAN S BROWNTRUSTEE

TALIA PALACIOTRUSTEE

About this charity

Recognized since: September 2015
Location: 2400 POPLAR AVE SUITE 318, MEMPHIS, TN 38112
County: Shelby
In care of: LARISSA GREGORY
Primary officer: LARISSA GREGORY, EXECUTIVE DIRECTOR

How to reach them

WebsiteVisit the charity’s website Emaillarissa@litememphis.org Phone(901) 426-8954

Filing and classification

Latest tax year: 2021
Tax period began: June 1, 2021
Return type: 990
Tax preparer: THE MARSTON GROUP PLC
NTEE classification: Student Services (B80)
IRS tax category: Student Services
Revocation date: October 15, 2025