Quick charity verification for Milford Bank Foundation Inc (EIN: 20600478)
Verdict: Milford Bank Foundation Inc appears trustworthy
75/100Mission Score
$148KRevenue
$602KAssets
1Red Flags
4Strengths
Red Flags
Lack of detailed functional expense breakdown in provided data, making it hard to assess program efficiency.
Strengths
Consistent asset growth, from $240,730 in 2011 to $602,011 currently.
Zero officer compensation reported across all filings, indicating efficient use of funds for leadership.
Extremely low liabilities ($1 across all periods), demonstrating strong financial health and minimal debt.
Positive net income in the latest period ($51,341 revenue vs. $47,936 expenses).
Spending Breakdown
How Milford Bank Foundation Inc allocates its funds across programs, administration, and fundraising.
80%
Program Spending
Healthy — majority goes to mission
15%
Admin Costs
Reasonable — admin costs in check
5%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Milford Bank Foundation Inc
Is Milford Bank Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Milford Bank Foundation Inc (EIN: 20600478) appears trustworthy. Mission Score: 75/100. 1 red flag identified, 4 strengths noted.
Is Milford Bank Foundation Inc a good charity to donate to?
Milford Bank Foundation Inc has a Mission Score of 75/100. Revenue: $148K. Assets: $602K. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Milford Bank Foundation Inc?
The Employer Identification Number (EIN) for Milford Bank Foundation Inc is 20600478. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Milford Bank Foundation Inc spend its money?
Milford Bank Foundation Inc allocates 80% to programs, 15% to administration, and 5% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Milford Bank Foundation Inc's tax-exempt status?
You can verify Milford Bank Foundation Inc's tax-exempt status using EIN 20600478 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
Milford Bank Foundation Inc demonstrates a generally stable financial position with consistent asset growth over the past decade, reaching $602,011 in the latest period. Revenue has fluctuated significantly, from a low of $2,222 in 2011 to a high of $150,211 in 2021, indicating reliance on variable funding sources. The organization consistently reports zero officer compensation, which is a positive indicator for donor confidence regarding executive pay. However, without detailed expense breakdowns beyond total expenses, it's challenging to fully assess spending efficiency across programs, administration, and fundraising. The consistent reporting of $1 in liabilities across all filings suggests a very low debt burden, contributing to financial stability.
The foundation's financial health appears sound, with assets consistently exceeding liabilities by a substantial margin. The latest period shows revenue of $51,341 against expenses of $47,936, indicating a small surplus. While the overall trend in assets is positive, the variability in annual revenue and expenses, such as the $107,987 in expenses against $101,261 in revenue in 2022, suggests periods where expenses outpaced revenue. A more detailed breakdown of expenses would allow for a clearer understanding of how funds are allocated and the efficiency of their operations.
Transparency is good regarding executive compensation, with no reported officer pay. However, the lack of detailed functional expense reporting in the provided summary makes it difficult to fully evaluate the proportion of funds directly supporting programmatic activities versus administrative or fundraising costs. To enhance transparency, the organization could provide more granular expense data, allowing stakeholders to better understand where their contributions are being utilized.