Quick charity verification for New York Life Foundation (EIN: 132989476)
Verdict: New York Life Foundation appears trustworthy
92/100Mission Score
$124.4MRevenue
$146.2MAssets
0Red Flags
5Strengths
No red flags identified.
Strengths
High program spending ratio (e.g., 87% in 2023)
Zero officer compensation reported across all filings
Strong asset base relative to liabilities ($140.9M assets vs. $23.5M liabilities in 2023)
Consistent history of significant charitable expenditures
Healthy financial stability with assets significantly exceeding liabilities
Spending Breakdown
How New York Life Foundation allocates its funds across programs, administration, and fundraising.
87%
Program Spending
Healthy — majority goes to mission
10%
Admin Costs
Reasonable — admin costs in check
3%
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 New York Life Foundation
Is New York Life Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, New York Life Foundation (EIN: 132989476) appears trustworthy. Mission Score: 92/100. 0 red flags identified, 5 strengths noted.
Is New York Life Foundation a good charity to donate to?
New York Life Foundation has a Mission Score of 92/100. Revenue: $124.4M. Assets: $146.2M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for New York Life Foundation?
The Employer Identification Number (EIN) for New York Life Foundation is 132989476. 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 New York Life Foundation spend its money?
New York Life Foundation allocates 87% to programs, 10% to administration, and 3% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify New York Life Foundation's tax-exempt status?
You can verify New York Life Foundation's tax-exempt status using EIN 132989476 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
The New York Life Foundation demonstrates a consistent commitment to its mission, as evidenced by its substantial program spending relative to its overall expenses. For instance, in 2023, program service expenses were $26,793,000 out of total expenses of $30,753,252, indicating approximately 87% of spending directly on programs. This high program efficiency is a positive indicator of financial health and mission focus. The foundation also maintains a healthy asset base, with assets of $140,917,777 in 2023, significantly exceeding its liabilities of $23,524,097, suggesting strong financial stability.
While the foundation's revenue has fluctuated over the years, with a notable dip to $8,999,184 in 2023 from $26,526,741 in 2022, its ability to continue significant program expenditures despite these variations points to effective financial management and potentially a reliance on its substantial asset base. The consistent reporting of 0% officer compensation across all available filings further enhances its transparency and demonstrates a focus on directing resources towards its charitable objectives rather than executive remuneration. This practice is commendable and aligns with best practices for nonprofit accountability.
Overall, the New York Life Foundation appears to be a financially sound and efficiently run organization. Its strong program spending ratios, healthy asset-to-liability position, and transparent compensation practices contribute to a positive assessment of its financial health and commitment to its mission. The fluctuations in revenue warrant monitoring but do not appear to undermine its operational capacity given its substantial assets.