AI Transparency Report
Seacoast United Foundation exhibits a concerning financial trend with consistently declining revenue and increasing liabilities in recent years. In the latest 202306 filing, the organization reported a mere $588 in revenue against $1,432 in expenses, indicating a significant operating deficit. This follows a sharp drop from $7,685 in revenue in 202206 and $66,727 in 202106. The organization's assets have also significantly decreased from a peak of $274,166 in 201406 to $26,259 in 202306, while liabilities have risen to $26,229, nearly matching its total assets. This suggests a precarious financial position with minimal net assets.
The spending efficiency is difficult to assess precisely without a detailed breakdown of program, administrative, and fundraising expenses in the provided data. However, the consistent pattern of expenses exceeding revenue across multiple years, particularly the substantial deficits in 202106 ($114,151 expenses vs. $66,727 revenue) and 202006 ($64,517 expenses vs. $26,527 revenue), raises questions about the sustainability of its operations. The organization's financial health appears to be in decline, with a very limited capacity to fund its mission based on current revenue streams.
Transparency regarding executive compensation is positive, with 0% reported for officer compensation across all available filings. However, the overall financial picture, marked by dwindling resources and persistent deficits, suggests a need for greater clarity on how the limited funds are being utilized and what strategies are in place to reverse the negative financial trajectory. The significant drop in revenue to just $588 in the latest period is particularly alarming and warrants further investigation into the organization's operational status.