Is Putnam Bank Foundation Legit?

The Putnam Bank Foundation demonstrates a consistent commitment to its mission, primarily through grantmaking, as evidenced by its NTEE code T21 (Grantmaking Foundations). The organization's financial health appears stable, with assets growing significantly over the past decade, from $521,677 in 2012 to $2,219,644 in 2024. Revenue has fluctuated, with a notable peak of $239,950 in 2013 and $204,850 in 2024, indicating reliance on varying funding streams. The foundation consistently reports 0% officer compensation, which is a strong indicator of efficient use of funds and a focus on program delivery rather than administrative overhead. Spending efficiency is high, as the foundation's expenses are consistently lower than its revenue in recent years, allowing for asset growth. For instance, in 2024, expenses were $69,549 against $204,850 in revenue. The absence of officer compensation further reinforces its efficiency. Transparency is generally good, with a consistent filing history of 10 IRS 990 forms, providing a clear financial record over more than a decade. The foundation's primary function as a grantmaker inherently means its 'program spending' is the grants it distributes, which is a direct fulfillment of its mission.