Armadas Foundation

Armadas Foundation shows substantial asset growth with highly variable revenue and expenses, reporting no officer compensation.

EIN: 161622664 · Flushing, NY · NTEE: T22 · Updated: 2026-03-28

$771KRevenue

$63.5MAssets

70/100Mission Score (Good)

T22

About Armadas Foundation

Armadas Foundation (EIN: 161622664) is a nonprofit organization based in Flushing, NY, classified under NTEE code T22. The organization reported total revenue of $771K and total assets of $63.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Armadas Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Armadas Foundation demonstrates a mixed financial picture with significant fluctuations in revenue and expenses over the past decade. While the organization has accumulated substantial assets, reaching over $60 million in 2023, its operational spending relative to revenue has varied wildly. For instance, in 2022, expenses were a mere $176,884 against $4,098,363 in revenue, suggesting a focus on asset accumulation or significant non-cash expenses not detailed here. Conversely, in 2019, expenses ($1,189,876) exceeded revenue ($469,858). The consistent reporting of zero officer compensation across all filings indicates either a fully volunteer-led executive team or compensation being reported under other categories, which could impact transparency regarding leadership costs. The foundation's NTEE code T22 (Private Grantmaking Foundations) suggests its primary activity is making grants, which would explain lower direct program expenses if grants are reported separately from operational costs.

The foundation's financial health appears robust in terms of asset growth, but the efficiency of its spending is difficult to ascertain without a detailed breakdown of program, administrative, and fundraising expenses. The large swings in revenue, such as $39 million in 2021 followed by $4.6 million in 2023, point to reliance on large, infrequent contributions or investment gains. The consistent, low liability of $3,904 across all filings is a positive indicator of financial stability. However, the lack of reported officer compensation, while potentially a strength, also raises questions about the full cost of governance and administration if not disclosed elsewhere.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Armadas Foundation with a Mission Score of 70 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 15%
programs: 80%
fundraising: 5%

According to IRS 990 filings, Armadas Foundation allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

The organization consistently reports 0% officer compensation across all available filings, suggesting either a fully volunteer executive team or that executive compensation is categorized under other expense lines, which could obscure the true cost of leadership relative to the organization's substantial assets of over $60 million.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Armadas Foundation's IRS 990 filings:

Extreme volatility in annual revenue and expenses, making consistent financial analysis difficult.
Consistent reporting of 0% officer compensation, which may obscure true leadership costs if compensation is reported elsewhere.
Lack of detailed functional expense breakdown in provided data, hindering precise assessment of spending efficiency.

Strengths

The following positive indicators were identified for Armadas Foundation:

Substantial and consistent growth in assets, reaching over $60 million by 2023, indicating strong financial reserves.
Very low and consistent liabilities ($3,904 across all filings), suggesting excellent financial stability and minimal debt.
As a private grantmaking foundation (T22), its primary purpose is likely to support other charitable organizations, which aligns with a philanthropic mission.

Frequently Asked Questions about Armadas Foundation

How does Armadas Foundation utilize its substantial assets, which grew to over $60 million by 2023?

Given its NTEE code T22 (Private Grantmaking Foundations), it is likely that a significant portion of these assets are held as an endowment to generate income for grantmaking activities, rather than being directly spent on programs annually.

What accounts for the extreme fluctuations in annual revenue, such as $39 million in 2021 versus $4.6 million in 2023?

These fluctuations could be due to large, infrequent donations, significant investment gains or losses, or the timing of major asset transfers, which are common for private foundations.

Why is officer compensation consistently reported as 0% across all filings?

This could indicate that the foundation is managed by an unpaid board or volunteers, or that compensation for key personnel is reported under other expense categories, which would warrant further investigation for full transparency.

What is the specific breakdown of program, administrative, and fundraising expenses for Armadas Foundation?

Without detailed functional expense reporting from the 990, it's challenging to provide an exact breakdown. However, for a private grantmaking foundation, a significant portion of expenses would typically be grants paid, with a smaller percentage for administrative overhead.

Filing History

IRS 990 filing history for Armadas Foundation showing financial trends over 10 years of public records:

Over 10 years of IRS 990 filings (2011–2023), Armadas Foundation's revenue has grown by 401.9%, moving from $925K to $4.6M. Total assets increased by 50602.8% over the same period, from $120K to $60.7M. Total functional expenses rose by 210.1%, from $921K to $2.9M. In its most recent filing year (2023), Armadas Foundation reported a surplus of $1.8M, with revenue exceeding expenses. The organization holds $4K in liabilities against $60.7M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $60.7M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$4.6M	$2.9M	$60.7M	$4K	—	View 990
2022	$4.1M	$177K	$52.9M	$4K	—	View 990
2021	$39.4M	$6.3M	$56.1M	$4K	—	View 990
2020	$590K	$62K	$20.4M	$4K	—	View 990
2019	$470K	$1.2M	$20.2M	$4K	—	View 990
2015	$27K	$17K	$103K	$4K	—	View 990
2014	$248	$22K	$93K	$4K	—	View 990
2013	$410	$22K	$115K	$4K	—	View 990
2012	$76K	$59K	$137K	$4K	—	View 990
2011	$925K	$921K	$120K	$4K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $4.6M, expenses of $2.9M, and assets of $60.7M (revenue +13.3% year-over-year).
2022: Revenue of $4.1M, expenses of $177K, and assets of $52.9M (revenue -89.6% year-over-year).
2021: Revenue of $39.4M, expenses of $6.3M, and assets of $56.1M (revenue +6588.3% year-over-year).
2020: Revenue of $590K, expenses of $62K, and assets of $20.4M (revenue +25.5% year-over-year).
2019: Revenue of $470K, expenses of $1.2M, and assets of $20.2M (revenue +1632.8% year-over-year).
2015: Revenue of $27K, expenses of $17K, and assets of $103K (revenue +10833.9% year-over-year).
2014: Revenue of $248, expenses of $22K, and assets of $93K (revenue -39.5% year-over-year).
2013: Revenue of $410, expenses of $22K, and assets of $115K (revenue -99.5% year-over-year).
2012: Revenue of $76K, expenses of $59K, and assets of $137K (revenue -91.8% year-over-year).
2011: Revenue of $925K, expenses of $921K, and assets of $120K.

Data Sources and Methodology

This transparency report for Armadas Foundation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.