Is Barmore Fund Legit?

The Barmore Fund, with an EIN of 10540393, appears to be a small foundation or fund based in Harpswell, ME, as indicated by its NTEE code T22 (Private Grantmaking Foundations). Its financial health shows a consistent pattern of expenses exceeding revenue over the past decade. For instance, in 2023, revenue was $15,270 while expenses were $50,627, leading to a net deficit. This trend has resulted in a gradual decline in assets, from $671,270 in 2011 to $559,383 in 2023. The organization's latest reported assets are $548,862, with latest revenue at $136,133, which is significantly higher than previous years, suggesting a potential one-time event or a recent shift not fully reflected in the historical expense data provided. Spending efficiency is difficult to fully assess without a detailed breakdown of expenses into program, administrative, and fundraising categories, which are not provided in the summary data. However, the consistent operational deficit suggests that the organization is drawing down its asset base to cover its activities. The absence of reported officer compensation across all filings indicates a lean operational structure at the executive level, which is a positive sign for donor confidence regarding executive pay. Transparency appears to be adequate given the availability of 990 filings. The consistent reporting of zero officer compensation is a strong indicator of transparency in executive pay. However, without more granular expense data, it's challenging to fully evaluate how efficiently funds are being allocated to direct programmatic activities versus overhead.