Canaan Foundation Inc
EIN: 61583900 · Canaan, CT · NTEE: T30
Is Canaan Foundation Inc Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Canaan Foundation Inc
Canaan Foundation Inc (EIN: 61583900) is a nonprofit organization based in Canaan, CT, classified under NTEE code T30. The organization reported total revenue of $36K and total assets of $331K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Canaan Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Canaan Foundation Inc is a micro nonprofit that has been operating for 26 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -4.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $19K |
| Total Expenses | $27K |
| Surplus / Deficit | $-7,596 |
| Total Assets | $285K |
| Net Assets | $285K |
| Operating Margin | -39.6% |
| Months of Reserves | 127.8 months |
Financial Health Grade: B
In 2023, Canaan Foundation Inc reported a deficit of $8K with expenses exceeding revenue, holds 127.8 months of operating reserves (strong position).
Financial Trends
Over 13 years of filings (2011–2023), Canaan Foundation Inc's revenue has declined at a compound annual growth rate (CAGR) of -4.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -24.2% | -25.0% | +4.0% |
| 2022 | +15.9% | +13.6% | -13.2% |
| 2021 | +30.0% | +2.8% | +19.5% |
| 2020 | -1.1% | +2.3% | -2.3% |
| 2019 | -47.1% | -11.5% | -2.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2000 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Canaan Foundation Inc has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Canaan Foundation Inc with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $8K, with expenses exceeding revenue.
Frequently Asked Questions about Canaan Foundation Inc
Is Canaan Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Canaan Foundation Inc (EIN: 61583900) insufficient data. 0 red flags identified, 0 strengths noted.
How does Canaan Foundation Inc spend its money?
Detailed spending breakdown data is not yet available for Canaan Foundation Inc. Check back for updated IRS 990 analysis.
Are donations to Canaan Foundation Inc tax-deductible?
Canaan Foundation Inc is registered as a tax-exempt nonprofit (EIN: 61583900). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Filing History
IRS 990 filing history for Canaan Foundation Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Canaan Foundation Inc's revenue has declined by 39.3%, moving from $32K to $19K. Total assets decreased by 9.2% over the same period, from $314K to $285K. Total functional expenses fell by 26.2%, from $36K to $27K. In its most recent filing year (2023), Canaan Foundation Inc reported a deficit of $8K, with expenses exceeding revenue.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $19K | $27K | $285K | $0 | — | View 990 |
| 2022 | $25K | $36K | $274K | $0 | — | View 990 |
| 2021 | $22K | $31K | $316K | $0 | — | — |
| 2020 | $17K | $31K | $264K | $0 | — | View 990 |
| 2019 | $17K | $30K | $270K | $0 | — | View 990 |
| 2018 | $32K | $34K | $278K | $0 | — | View 990 |
| 2017 | $21K | $37K | $264K | $0 | — | View 990 |
| 2016 | $21K | $32K | $257K | $0 | — | View 990 |
| 2015 | $26K | $38K | $274K | $0 | — | View 990 |
| 2014 | $23K | $37K | $276K | $0 | — | View 990 |
| 2013 | $21K | $33K | $274K | $0 | — | View 990 |
| 2012 | $22K | $31K | $274K | $0 | — | View 990 |
| 2011 | $32K | $36K | $314K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $19K, expenses of $27K, and assets of $285K (revenue -24.2% year-over-year).
- 2022: Revenue of $25K, expenses of $36K, and assets of $274K (revenue +15.9% year-over-year).
- 2021: Revenue of $22K, expenses of $31K, and assets of $316K (revenue +30.0% year-over-year).
- 2020: Revenue of $17K, expenses of $31K, and assets of $264K (revenue -1.1% year-over-year).
- 2019: Revenue of $17K, expenses of $30K, and assets of $270K (revenue -47.1% year-over-year).
- 2018: Revenue of $32K, expenses of $34K, and assets of $278K (revenue +53.1% year-over-year).
- 2017: Revenue of $21K, expenses of $37K, and assets of $264K (revenue -0.7% year-over-year).
- 2016: Revenue of $21K, expenses of $32K, and assets of $257K (revenue -20.3% year-over-year).
- 2015: Revenue of $26K, expenses of $38K, and assets of $274K (revenue +13.6% year-over-year).
- 2014: Revenue of $23K, expenses of $37K, and assets of $276K (revenue +12.9% year-over-year).
- 2013: Revenue of $21K, expenses of $33K, and assets of $274K (revenue -6.1% year-over-year).
- 2012: Revenue of $22K, expenses of $31K, and assets of $274K (revenue -30.4% year-over-year).
- 2011: Revenue of $32K, expenses of $36K, and assets of $314K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Canaan Foundation Inc:
Data Sources and Methodology
This transparency report for Canaan 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.