Is My Friends Place Inc Legit?

Strengths

Consistent revenue growth, nearly doubling from $392,567 in 2020 to $832,111 in 2023.
Strong asset growth, increasing from $642,571 in 2013 to $1,394,941 in 2023.
Zero officer compensation reported across all 12 filings, indicating high program focus.
Healthy surpluses in recent years, with revenue significantly exceeding expenses (e.g., $832,111 revenue vs. $451,838 expenses in 2023).
Low liabilities relative to assets, suggesting sound financial management and stability.

Spending Breakdown

How My Friends Place Inc allocates its funds across programs, administration, and fundraising.

90%

Program Spending

Healthy — majority goes to mission

Admin Costs

Reasonable — admin costs in check

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 My Friends Place Inc

Is My Friends Place Inc a legitimate charity?

Based on AI analysis of IRS 990 filings, My Friends Place Inc (EIN: 20407497) appears trustworthy. Mission Score: 95/100. 0 red flags identified, 5 strengths noted.

Is My Friends Place Inc a good charity to donate to?

My Friends Place Inc has a Mission Score of 95/100. Revenue: $1.5M. Assets: $1.7M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.

What is the EIN for My Friends Place Inc?

The Employer Identification Number (EIN) for My Friends Place Inc is 20407497. 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 My Friends Place Inc spend its money?

My Friends Place Inc allocates 90% to programs, 7% to administration, and 3% to fundraising. Healthy nonprofits typically spend 75%+ on programs.

How can I verify My Friends Place Inc's tax-exempt status?

You can verify My Friends Place Inc's tax-exempt status using EIN 20407497 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

My Friends Place Inc demonstrates a strong and consistent financial trajectory, particularly in recent years. The organization has shown significant growth in revenue, nearly doubling from $392,567 in 2020 to $832,111 in 2023. This growth is also reflected in its asset base, which has steadily increased from $790,208 in 2020 to $1,394,941 in 2023, indicating sound financial management and accumulation of resources. The organization consistently reports 0% officer compensation across all available filings, which is a strong indicator of transparency and a focus on directing funds towards its mission rather than executive salaries.

The organization's spending efficiency appears robust, with expenses generally well below revenue, leading to healthy surpluses that contribute to asset growth. For instance, in 2023, expenses were $451,838 against revenues of $832,111, resulting in a substantial surplus. The low liabilities relative to assets across all periods also suggest a fiscally responsible approach. While a detailed breakdown of program, administrative, and fundraising expenses isn't provided in the summary data, the overall financial health and lack of executive compensation suggest a high degree of program focus and efficiency.

Overall, My Friends Place Inc appears to be a well-managed and financially healthy nonprofit. Its consistent growth, prudent financial management, and commitment to zero officer compensation are positive indicators of its ability to sustain and expand its mission. The organization's transparency regarding executive compensation is exemplary, fostering trust among donors and stakeholders.

Verdict: My Friends Place Inc appears trustworthy