Asante Foundation Inc
Asante Foundation Inc. reports recent operational deficits despite substantial asset growth and no direct officer compensation.
EIN: 203554641 · South Bend, IN · NTEE: T22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $47.9M |
| Total Expenses | $16.9M |
| Program Spending | 80% |
| CEO/Top Officer Pay | $150 |
| Net Assets | $160.0M |
| Transparency Score | 75/100 |
Is Asante Foundation Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Asante Foundation Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Asante Foundation Inc
Asante Foundation Inc (EIN: 203554641) is a nonprofit organization based in South Bend, IN, classified under NTEE code T22. The organization reported total revenue of $47.9M and total assets of $156.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Asante Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Asante Foundation Inc is a large nonprofit that has been operating for 21 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 7.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $9.0M |
| Total Expenses | $16.9M |
| Surplus / Deficit | $-7,883,232 |
| Total Assets | $160.0M |
| Total Liabilities | $55K |
| Net Assets | $160.0M |
| Operating Margin | -87.7% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 113.8 months |
Financial Health Grade: B
In 2023, Asante Foundation Inc reported a deficit of $7.9M with expenses exceeding revenue, holds 113.8 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Asante Foundation Inc's revenue has grown at a compound annual growth rate (CAGR) of 7.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -7.3% | +37.6% | -4.6% |
| 2022 | -40.8% | +23.4% | -1.6% |
| 2021 | +121.4% | +31.5% | +4.2% |
| 2020 | -3.5% | -1.8% | +0.1% |
| 2019 | +56.2% | +165.8% | +216.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2005 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Asante Foundation Inc with a Mission Score of 75 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, Asante Foundation Inc 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.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $7.9M, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
The IRS 990 filings consistently report 0% officer compensation, which is unusual for an organization of this size with assets exceeding $150 million. This suggests that executive compensation may be paid by a related entity or that key leadership roles are uncompensated, requiring further clarification for a complete financial picture.
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 Asante Foundation Inc's IRS 990 filings:
- Consistent operational deficits in recent years (e.g., 2023 expenses $16.87M vs. revenue $8.99M)
- Unexplained increase in liabilities to $55,000 in 2022 and 2023 after years of negligible amounts
- No reported officer compensation, which is unusual for an organization of this size and asset base
Strengths
The following positive indicators were identified for Asante Foundation Inc:
- Substantial and growing asset base, reaching $160.02M in 2023, indicating strong financial reserves or endowment
- Significant revenue generation capacity, with latest reported revenue at $47.87M
- Long operational history with 10 filings provided, suggesting stability and established presence
Frequently Asked Questions about Asante Foundation Inc
Is Asante Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Asante Foundation Inc (EIN: 203554641) some concerns. Mission Score: 75/100. 3 red flags identified, 3 strengths noted.
How does Asante Foundation Inc spend its money?
Asante Foundation Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Asante Foundation Inc tax-deductible?
Asante Foundation Inc is registered as a tax-exempt nonprofit (EIN: 203554641). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Asante Foundation Inc CEO make?
Asante Foundation Inc's highest-compensated officer earns $150 annually. The organization reported $47.9M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Asante Foundation Inc's spending goes to programs?
Asante Foundation Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Asante Foundation Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Asante Foundation Inc is above average for NTEE category T22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Asante Foundation Inc located?
Asante Foundation Inc is headquartered in South Bend, Indiana and files with the IRS under EIN 203554641. It is classified under NTEE code T22.
How many years of IRS 990 filings does Asante Foundation Inc have?
Asante Foundation Inc has 10 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $47.9M in total revenue.
Is Asante Foundation Inc. financially sustainable given recent deficits?
The organization has reported expenses exceeding revenue in 2023 ($16.87M vs $8.99M) and 2022 ($12.26M vs $9.69M). While its substantial asset base of $160M provides a buffer, sustained deficits could impact long-term financial health if not addressed.
Why is officer compensation consistently reported as 0%?
The consistent reporting of 0% officer compensation across all filings is atypical for an organization of this scale. This could mean officers are uncompensated, or their compensation is handled by a related entity, which would not be reflected directly on these 990s.
What caused the significant increase in liabilities in 2022 and 2023?
Liabilities increased from $1 in 2021 to $55,000 in both 2022 and 2023. The nature of these liabilities is not detailed in the provided data but warrants investigation to understand their impact on the organization's financial position.
Filing History
IRS 990 filing history for Asante Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Asante Foundation Inc's revenue has grown by 134.4%, moving from $3.8M to $9.0M. Total assets increased by 238% over the same period, from $47.3M to $160.0M. Total functional expenses rose by 112.4%, from $7.9M to $16.9M. In its most recent filing year (2023), Asante Foundation Inc reported a deficit of $7.9M, with expenses exceeding revenue. The organization holds $55K in liabilities against $160.0M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $160.0M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $9.0M | $16.9M | $160.0M | $55K | — | — |
| 2022 | $9.7M | $12.3M | $167.8M | $55K | — | View 990 |
| 2021 | $16.4M | $9.9M | $170.5M | $1 | — | View 990 |
| 2020 | $7.4M | $7.6M | $163.6M | $1 | — | View 990 |
| 2019 | $7.7M | $7.7M | $163.5M | $0 | — | View 990 |
| 2015 | $4.9M | $2.9M | $51.6M | $0 | — | View 990 |
| 2014 | $5.2M | $4.6M | $49.6M | $0 | — | View 990 |
| 2013 | $2.5M | $2.5M | $49.0M | $0 | — | View 990 |
| 2012 | $4.4M | $2.7M | $49.0M | $0 | — | View 990 |
| 2011 | $3.8M | $7.9M | $47.3M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $9.0M, expenses of $16.9M, and assets of $160.0M (revenue -7.3% year-over-year).
- 2022: Revenue of $9.7M, expenses of $12.3M, and assets of $167.8M (revenue -40.8% year-over-year).
- 2021: Revenue of $16.4M, expenses of $9.9M, and assets of $170.5M (revenue +121.4% year-over-year).
- 2020: Revenue of $7.4M, expenses of $7.6M, and assets of $163.6M (revenue -3.5% year-over-year).
- 2019: Revenue of $7.7M, expenses of $7.7M, and assets of $163.5M (revenue +56.2% year-over-year).
- 2015: Revenue of $4.9M, expenses of $2.9M, and assets of $51.6M (revenue -5.8% year-over-year).
- 2014: Revenue of $5.2M, expenses of $4.6M, and assets of $49.6M (revenue +108.3% year-over-year).
- 2013: Revenue of $2.5M, expenses of $2.5M, and assets of $49.0M (revenue -42.8% year-over-year).
- 2012: Revenue of $4.4M, expenses of $2.7M, and assets of $49.0M (revenue +14.1% year-over-year).
- 2011: Revenue of $3.8M, expenses of $7.9M, and assets of $47.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Asante Foundation Inc:
Data Sources and Methodology
This transparency report for Asante Foundation Inc 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.