AI Transparency Report
The Jean & Thomas Harbeck Family Foundation Inc operates as a private foundation, which is reflected in its financial activities. Over the past decade, the foundation has consistently reported minimal liabilities ($1), indicating a strong balance sheet and responsible financial management in terms of debt. Programmatic spending, while not explicitly detailed in the provided summary, is the primary function of a private foundation, typically through grants. The foundation's revenue has fluctuated significantly, with a notable spike in 2020 ($760,337) and a more recent high in 2019 ($100,000), contrasting with lower figures in other years, such as $7,400 in 2021. Expenses have remained relatively stable, generally in the $45,000-$55,000 range annually, suggesting consistent operational costs regardless of revenue fluctuations. The absence of officer compensation further enhances its financial efficiency and transparency, as resources are not diverted to executive salaries.
Given its structure as a family foundation, its transparency is generally good, as private foundations are subject to specific IRS reporting requirements. The consistent low liabilities and zero officer compensation are positive indicators of financial health and a focus on its charitable purpose. The foundation's assets have grown substantially over the years, from $38,590 in 2011 to $731,418 in 2023, demonstrating effective asset management and growth, which is crucial for a foundation's long-term sustainability and grant-making capacity. The latest reported assets of $1,765,797 further solidify its financial strength, indicating a significant endowment to support its mission.