Boyd Works Foundation Inc
Boyd Works Foundation Inc. consistently spends more than it earns, drawing on substantial assets.
EIN: 113709206 · Henderson, NC · NTEE: B99 · Updated: 2026-03-28
Is Boyd Works Foundation Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Boyd Works Foundation Inc directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Boyd Works Foundation Inc
Boyd Works Foundation Inc (EIN: 113709206) is a nonprofit organization based in Henderson, NC, classified under NTEE code B99. The organization reported total revenue of $283K and total assets of $11.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Boyd Works Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Boyd Works Foundation Inc with a Mission Score of 60 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Boyd Works Foundation Inc allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no funds are allocated to officer salaries, which is a strong positive for resource allocation relative to the organization's size and mission.
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 Boyd Works Foundation Inc's IRS 990 filings:
- Consistent deficit spending (expenses significantly exceed revenue, e.g., $719,303 expenses vs. $293,278 revenue in 2023).
- Significant and unexplained drop in revenue in recent years (from over $1.6M to under $300K).
- Reliance on asset drawdowns to cover operational shortfalls.
Strengths
The following positive indicators were identified for Boyd Works Foundation Inc:
- Zero officer compensation reported across all filings, indicating efficient use of funds for leadership.
- Maintains substantial assets ($11,920,726 in 2023), providing a buffer despite operational deficits.
- Minimal liabilities reported in recent years ($1 in 2023), indicating good debt management.
Frequently Asked Questions about Boyd Works Foundation Inc
Is Boyd Works Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Boyd Works Foundation Inc (EIN: 113709206) some concerns. Mission Score: 60/100. 3 red flags identified, 3 strengths noted.
How does Boyd Works Foundation Inc spend its money?
Boyd Works Foundation Inc directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Boyd Works Foundation Inc tax-deductible?
Boyd Works Foundation Inc is registered as a tax-exempt nonprofit (EIN: 113709206). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Boyd Works Foundation Inc. a good charity?
While the organization has substantial assets and reports no officer compensation, its consistent deficit spending (e.g., $719,303 expenses vs. $293,278 revenue in 2023) raises concerns about long-term financial sustainability. A more detailed breakdown of how expenses are allocated to programs versus administrative costs would be needed for a definitive assessment.
How does Boyd Works Foundation Inc. sustain its operations with consistent deficits?
The organization appears to be drawing down on its significant asset base (e.g., assets decreased from $12,965,593 in 2021 to $11,920,726 in 2023) to cover the difference between its expenses and revenues. This is not a sustainable model without a plan to increase revenue or decrease expenses.
What caused the significant drop in revenue from 2019-2020 to 2021-2023?
Revenue significantly decreased from over $1.6 million in 2019 and 2020 to just $308 in 2021 and 2022, before a slight recovery to $293,278 in 2023. The filings do not provide an explanation for this drastic and sustained decline, which is a critical factor impacting financial health.
Filing History
IRS 990 filing history for Boyd Works Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Boyd Works Foundation Inc's revenue has declined by 73.1%, moving from $1.1M to $293K. Total assets increased by 12.8% over the same period, from $10.6M to $11.9M. Total functional expenses fell by 19.3%, from $891K to $719K. In its most recent filing year (2023), Boyd Works Foundation Inc reported a deficit of $426K, with expenses exceeding revenue. The organization holds $1 in liabilities against $11.9M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $11.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $293K | $719K | $11.9M | $1 | — | View 990 |
| 2022 | $308 | $619K | $12.3M | $1 | — | View 990 |
| 2021 | $308 | $322K | $13.0M | $1 | — | View 990 |
| 2020 | $1.6M | $360K | $13.3M | $1 | — | View 990 |
| 2019 | $1.7M | $854K | $12.0M | $0 | — | View 990 |
| 2015 | $2.1M | $475K | $9.4M | $1 | — | View 990 |
| 2014 | $1.3M | $629K | $11.3M | $3.5M | — | View 990 |
| 2013 | $1.1M | $741K | $11.0M | $3.9M | — | View 990 |
| 2012 | $1.1M | $589K | $11.5M | $4.8M | — | View 990 |
| 2011 | $1.1M | $891K | $10.6M | $5.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $293K, expenses of $719K, and assets of $11.9M (revenue +95120.1% year-over-year).
- 2022: Revenue of $308, expenses of $619K, and assets of $12.3M (revenue +0.0% year-over-year).
- 2021: Revenue of $308, expenses of $322K, and assets of $13.0M (revenue -100.0% year-over-year).
- 2020: Revenue of $1.6M, expenses of $360K, and assets of $13.3M (revenue -7.0% year-over-year).
- 2019: Revenue of $1.7M, expenses of $854K, and assets of $12.0M (revenue -18.3% year-over-year).
- 2015: Revenue of $2.1M, expenses of $475K, and assets of $9.4M (revenue +57.4% year-over-year).
- 2014: Revenue of $1.3M, expenses of $629K, and assets of $11.3M (revenue +21.3% year-over-year).
- 2013: Revenue of $1.1M, expenses of $741K, and assets of $11.0M (revenue -0.9% year-over-year).
- 2012: Revenue of $1.1M, expenses of $589K, and assets of $11.5M (revenue +2.3% year-over-year).
- 2011: Revenue of $1.1M, expenses of $891K, and assets of $10.6M.
Data Sources and Methodology
This transparency report for Boyd Works 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.