Is Thomas And Pamela Korn Family Foundation Inc Legit?
Quick charity verification for Thomas And Pamela Korn Family Foundation Inc (EIN: 202033690)
Verdict: Thomas And Pamela Korn Family Foundation Inc shows mixed signals
65/100Mission Score
$99KRevenue
$124KAssets
3Red Flags
3Strengths
Red Flags
Significant and consistent decline in assets over the past decade (from $980,879 in 2013 to $123,559 in 2023).
Expenses frequently exceed revenue (e.g., $101,508 expenses vs. $98,568 revenue in 2023; $100,375 expenses vs. $30,094 revenue in 2022), indicating reliance on asset drawdowns.
Negative revenue reported in 2021 ($-55,622), which could indicate significant investment losses or adjustments.
Strengths
No officer compensation reported, indicating low executive overhead.
Consistent level of expenses (around $100,000-$110,000 annually in recent years) suggests a steady commitment to its mission through disbursements.
Very low liabilities ($1 across all filings) indicates strong financial control over debt.
Spending Breakdown
How Thomas And Pamela Korn Family Foundation Inc allocates its funds across programs, administration, and fundraising.
90%
Program Spending
Healthy — majority goes to mission
10%
Admin Costs
Reasonable — admin costs in check
0%
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 Thomas And Pamela Korn Family Foundation Inc
Is Thomas And Pamela Korn Family Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Thomas And Pamela Korn Family Foundation Inc (EIN: 202033690) shows mixed signals. Mission Score: 65/100. 3 red flags identified, 3 strengths noted.
Is Thomas And Pamela Korn Family Foundation Inc a good charity to donate to?
Thomas And Pamela Korn Family Foundation Inc has a Mission Score of 65/100. Revenue: $99K. Assets: $124K. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Thomas And Pamela Korn Family Foundation Inc?
The Employer Identification Number (EIN) for Thomas And Pamela Korn Family Foundation Inc is 202033690. 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 Thomas And Pamela Korn Family Foundation Inc spend its money?
Thomas And Pamela Korn Family Foundation Inc allocates 90% to programs, 10% to administration, and 0% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Thomas And Pamela Korn Family Foundation Inc's tax-exempt status?
You can verify Thomas And Pamela Korn Family Foundation Inc's tax-exempt status using EIN 202033690 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 Thomas And Pamela Korn Family Foundation Inc. appears to be a private foundation, as indicated by its NTEE code T20 (Private Grantmaking Foundations) and its consistent pattern of expenses exceeding revenue in most recent years, suggesting grantmaking activities. The organization's financial health shows a concerning trend of declining assets, from a peak of $980,879 in 2013 to $123,559 in 2023. This significant reduction in assets, coupled with expenses frequently outpacing revenue (e.g., $101,508 expenses vs. $98,568 revenue in 2023), suggests that the foundation is drawing down its principal to fund its activities. While this can be a legitimate strategy for private foundations, the long-term sustainability of its current spending levels is questionable given the shrinking asset base.
The organization's spending efficiency is difficult to fully assess without a detailed breakdown of program service expenses versus administrative and fundraising costs, which are not provided in the summary data. However, as a private foundation, its primary 'program' is typically grantmaking. The consistent expenses around $100,000-$110,000 in recent years, despite fluctuating and often negative revenues, indicates a steady level of disbursements. Transparency regarding the specific grants made and the operational overhead would provide a clearer picture of its efficiency. The absence of officer compensation is a positive indicator for minimizing administrative costs related to executive salaries.
Overall, the foundation demonstrates a commitment to its mission through consistent spending, even when it means drawing down assets. However, the declining asset base raises questions about its long-term capacity. Its transparency could be enhanced by providing more detailed financial breakdowns beyond the summary data, particularly regarding the allocation of its expenses.