Bernard Heerey Family Foundation
Bernard Heerey Family Foundation maintains strong asset base with no reported officer compensation.
EIN: 141840613 · Chicago, IL · NTEE: T20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $10.3M |
| Total Expenses | $5.3M |
| Program Spending | 90% |
| CEO/Top Officer Pay | $56M |
| Net Assets | $55.9M |
| Transparency Score | 90/100 |
Is Bernard Heerey Family Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Bernard Heerey Family Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Bernard Heerey Family Foundation
Bernard Heerey Family Foundation (EIN: 141840613) is a nonprofit organization based in Chicago, IL, classified under NTEE code T20. The organization reported total revenue of $10.3M and total assets of $56.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Bernard Heerey Family Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Bernard Heerey Family Foundation 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 5.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $5.9M |
| Total Expenses | $5.3M |
| Surplus / Deficit | +$584K |
| Total Assets | $55.9M |
| Total Liabilities | $74K |
| Net Assets | $55.9M |
| Operating Margin | 9.9% |
| Debt-to-Asset Ratio | 0.1% |
| Months of Reserves | 126.1 months |
Financial Health Grade: A
In 2023, Bernard Heerey Family Foundation reported a surplus of $584K with revenue exceeding expenses, holds 126.1 months of operating reserves (strong position), has a debt-to-asset ratio of 0.1% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Bernard Heerey Family Foundation's revenue has grown at a compound annual growth rate (CAGR) of 5.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -4.7% | -14.1% | +1.0% |
| 2022 | -29.1% | +5.5% | +0.0% |
| 2021 | +-0.0% | +8.4% | +5.5% |
| 2020 | +178.4% | +2.1% | +6.7% |
| 2019 | -41.8% | +4.9% | -6.4% |
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 Bernard Heerey Family Foundation with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Bernard Heerey Family Foundation allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% 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 surplus of $584K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.1%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the foundation's leadership operates without direct salary compensation, which is highly unusual for an organization of this size and asset base ($56M). This suggests a volunteer-driven leadership model or that compensation is covered by an affiliated entity, which would require further investigation for full transparency.
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 Bernard Heerey Family Foundation's IRS 990 filings:
- Lack of detailed spending breakdown (program vs. admin vs. fundraising) in summary data
- Consistent 0% officer compensation for an organization with over $50M in assets, which may obscure how leadership is supported or compensated indirectly.
Strengths
The following positive indicators were identified for Bernard Heerey Family Foundation:
- Strong and stable asset base, consistently over $50 million.
- No reported officer compensation, suggesting highly efficient use of funds for leadership costs.
- Consistent IRS 990 filing history, indicating good transparency and compliance.
- Revenue generally exceeds expenses in recent years (e.g., 2023: $5.9M revenue vs. $5.3M expenses), contributing to asset growth.
Frequently Asked Questions about Bernard Heerey Family Foundation
Is Bernard Heerey Family Foundation a legitimate charity?
Bernard Heerey Family Foundation (EIN: 141840613) is a registered tax-exempt nonprofit based in Illinois. Our AI analysis gives it a Mission Score of 90/100. It has 10 years of IRS 990 filings on record. Total revenue: $10.3M. 2 red flags identified. 4 strengths noted. Financial health grade: A.
How does Bernard Heerey Family Foundation spend its money?
Bernard Heerey Family Foundation directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Bernard Heerey Family Foundation tax-deductible?
Bernard Heerey Family Foundation is registered as a tax-exempt nonprofit (EIN: 141840613). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Bernard Heerey Family Foundation CEO make?
Bernard Heerey Family Foundation's highest-compensated officer earns $56M annually. The organization reported $10.3M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
How does Bernard Heerey Family Foundation compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), Bernard Heerey Family Foundation is above average for NTEE category T20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Bernard Heerey Family Foundation located?
Bernard Heerey Family Foundation is headquartered in Chicago, Illinois and files with the IRS under EIN 141840613. It is classified under NTEE code T20.
How many years of IRS 990 filings does Bernard Heerey Family Foundation have?
Bernard Heerey Family Foundation 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 $10.3M in total revenue.
How does the Bernard Heerey Family Foundation manage to operate with 0% officer compensation?
The provided data consistently shows 0% officer compensation across all filings. This could mean that the foundation's leadership is entirely volunteer-based, or that compensation is paid by a related entity, or that the officers are compensated in a way not reported as 'officer compensation' on the 990, such as through a management fee to an external entity. Further investigation into their operational structure would be needed.
What is the primary focus of the foundation's program spending given its NTEE code T20 (Philanthropy, Voluntarism & Grantmaking Foundations)?
As a grantmaking foundation (NTEE T20), its primary program spending would be in the form of grants to other organizations or individuals. Without detailed Schedule I or O from the 990, the specific beneficiaries or causes supported are not discernible from the provided data.
Has the foundation's financial health been consistent over the long term?
Yes, the foundation has consistently maintained a strong asset base, fluctuating around $50-56 million over the past decade. While revenue and expenses have varied, the overall trend shows stability and growth in net assets, indicating robust long-term financial health.
Filing History
IRS 990 filing history for Bernard Heerey Family Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Bernard Heerey Family Foundation's revenue has grown by 92.6%, moving from $3.1M to $5.9M. Total assets increased by 6.9% over the same period, from $52.3M to $55.9M. Total functional expenses rose by 32.4%, from $4.0M to $5.3M. In its most recent filing year (2023), Bernard Heerey Family Foundation reported a surplus of $584K, with revenue exceeding expenses. The organization holds $74K in liabilities against $55.9M in assets (debt-to-asset ratio: 0.1%), resulting in net assets of $55.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $5.9M | $5.3M | $55.9M | $74K | — | — |
| 2022 | $6.2M | $6.2M | $55.4M | $74K | — | View 990 |
| 2021 | $8.7M | $5.9M | $55.3M | $76K | — | View 990 |
| 2020 | $8.7M | $5.4M | $52.5M | $61K | — | View 990 |
| 2019 | $3.1M | $5.3M | $49.2M | $77K | — | View 990 |
| 2015 | $5.4M | $5.1M | $52.5M | $152K | — | View 990 |
| 2014 | $5.6M | $5.2M | $52.2M | $182K | — | View 990 |
| 2013 | $4.6M | $4.7M | $51.8M | $147K | — | View 990 |
| 2012 | $3.9M | $4.3M | $51.9M | $150K | — | View 990 |
| 2011 | $3.1M | $4.0M | $52.3M | $133K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $5.9M, expenses of $5.3M, and assets of $55.9M (revenue -4.7% year-over-year).
- 2022: Revenue of $6.2M, expenses of $6.2M, and assets of $55.4M (revenue -29.1% year-over-year).
- 2021: Revenue of $8.7M, expenses of $5.9M, and assets of $55.3M (revenue +-0.0% year-over-year).
- 2020: Revenue of $8.7M, expenses of $5.4M, and assets of $52.5M (revenue +178.4% year-over-year).
- 2019: Revenue of $3.1M, expenses of $5.3M, and assets of $49.2M (revenue -41.8% year-over-year).
- 2015: Revenue of $5.4M, expenses of $5.1M, and assets of $52.5M (revenue -3.2% year-over-year).
- 2014: Revenue of $5.6M, expenses of $5.2M, and assets of $52.2M (revenue +20.4% year-over-year).
- 2013: Revenue of $4.6M, expenses of $4.7M, and assets of $51.8M (revenue +19.4% year-over-year).
- 2012: Revenue of $3.9M, expenses of $4.3M, and assets of $51.9M (revenue +26.5% year-over-year).
- 2011: Revenue of $3.1M, expenses of $4.0M, and assets of $52.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Bernard Heerey Family Foundation:
Data Sources and Methodology
This transparency report for Bernard Heerey Family 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.