Canal Charitable Foundation
Canal Charitable Foundation faces persistent financial deficits and declining assets.
EIN: 203971600 · Greenville, SC · NTEE: T20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $12.4M |
| Total Expenses | $91K |
| Program Spending | 60% |
| Net Assets | $216K |
| Transparency Score | 40/100 |
Is Canal Charitable Foundation Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Canal Charitable Foundation directs 60% of its spending to programs. This falls below the 65% benchmark. Donors may want to investigate further.
About Canal Charitable Foundation
Canal Charitable Foundation (EIN: 203971600) is a nonprofit organization based in Greenville, SC, classified under NTEE code T20. The organization reported total revenue of $12.4M and total assets of $249K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Canal Charitable Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Canal Charitable Foundation is a large nonprofit that has been operating for 20 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -37.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $6K |
| Total Expenses | $91K |
| Surplus / Deficit | $-85,000 |
| Total Assets | $216K |
| Total Liabilities | $1 |
| Net Assets | $216K |
| Operating Margin | -1329.4% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 28.3 months |
Financial Health Grade: B
In 2023, Canal Charitable Foundation reported a deficit of $85K with expenses exceeding revenue, holds 28.3 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), Canal Charitable Foundation's revenue has declined at a compound annual growth rate (CAGR) of -37.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -84.6% | -24.7% | -31.4% |
| 2021 | -100.5% | -64.3% | -9.8% |
| 2020 | +2659.6% | +4.6% | +390.3% |
| 2019 | +10648.4% | +230.5% | +75.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2006 |
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 Canal Charitable Foundation with a Mission Score of 40 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 30%
- programs: 60%
- fundraising: 10%
According to IRS 990 filings, Canal Charitable Foundation allocates its expenses as follows: admin: 30%, programs: 60%, fundraising: 10%. Approximately 60% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $85K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no salaries or benefits are paid to officers, which is a positive for minimizing administrative costs at the leadership level.
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 Canal Charitable Foundation's IRS 990 filings:
- Consistent and significant net losses (e.g., $85,000 deficit in 2023, $79,877 deficit in 2022).
- Declining asset base over recent years, indicating financial instability.
- Revenue volatility, with some years showing negative revenue (e.g., $-2,329 in 2021).
- High expense-to-revenue ratio, suggesting inefficient financial management or insufficient funding.
Strengths
The following positive indicators were identified for Canal Charitable Foundation:
- Zero officer compensation reported across all filings, indicating a commitment to minimizing executive overhead.
- Consistent filing of IRS Form 990s, demonstrating a basic level of transparency.
Frequently Asked Questions about Canal Charitable Foundation
Is Canal Charitable Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Canal Charitable Foundation (EIN: 203971600) significant concerns. Mission Score: 40/100. 4 red flags identified, 2 strengths noted.
How does Canal Charitable Foundation spend its money?
Canal Charitable Foundation directs 60% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Canal Charitable Foundation tax-deductible?
Canal Charitable Foundation is registered as a tax-exempt nonprofit (EIN: 203971600). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Canal Charitable Foundation's spending goes to programs?
Canal Charitable Foundation directs 60% to programs, 10% to fundraising. This falls below the 65% industry benchmark, which may warrant further review by donors.
How does Canal Charitable Foundation compare to similar nonprofits?
With a transparency score of 40/100 (Fair), Canal Charitable Foundation is near average for NTEE category T20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Canal Charitable Foundation located?
Canal Charitable Foundation is headquartered in Greenville, South Carolina and files with the IRS under EIN 203971600. It is classified under NTEE code T20.
How many years of IRS 990 filings does Canal Charitable Foundation have?
Canal Charitable 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 $12.4M in total revenue.
Is Canal Charitable Foundation financially sustainable?
Based on the consistent net losses in recent years (e.g., $6,394 revenue vs. $91,394 expenses in 2023), the foundation's financial sustainability is highly questionable. It consistently spends significantly more than it earns.
What is the primary cause of the declining assets?
The declining assets, from $398,040 in 2020 to $215,827 in 2023, are primarily due to the organization's recurring net losses, where expenses consistently exceed revenue.
How does the organization fund its operations given the deficits?
The organization appears to be funding its operations by drawing down its assets, as evidenced by the declining asset base while consistently incurring expenses far greater than its revenue.
What is the NTEE code T20 and how does it relate to the foundation's activities?
NTEE code T20 typically refers to 'Philanthropy, Voluntarism, and Grantmaking Foundations - Private Grantmaking Foundations.' This suggests the foundation's primary activity is making grants, but the financial data doesn't detail grant outflows versus other expenses.
Filing History
IRS 990 filing history for Canal Charitable Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Canal Charitable Foundation's revenue has declined by 99.6%, moving from $1.7M to $6K. Total assets decreased by 90.8% over the same period, from $2.3M to $216K. Total functional expenses fell by 94.3%, from $1.6M to $91K. In its most recent filing year (2023), Canal Charitable Foundation reported a deficit of $85K, with expenses exceeding revenue. The organization holds $1 in liabilities against $216K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $216K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $6K | $91K | $216K | $1 | — | View 990 |
| 2022 | $42K | $121K | $315K | $1 | — | View 990 |
| 2021 | $-2,329 | $41K | $359K | $1 | — | — |
| 2020 | $466K | $116K | $398K | $1 | — | — |
| 2019 | $17K | $110K | $81K | $1 | — | — |
| 2015 | $157 | $33K | $46K | $0 | — | View 990 |
| 2014 | $2.4M | $2.5M | $80K | $0 | — | View 990 |
| 2013 | $398 | $2.5M | $153K | $0 | — | View 990 |
| 2012 | $1.5M | $1.2M | $2.6M | $0 | — | View 990 |
| 2011 | $1.7M | $1.6M | $2.3M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $6K, expenses of $91K, and assets of $216K (revenue -84.6% year-over-year).
- 2022: Revenue of $42K, expenses of $121K, and assets of $315K.
- 2021: Revenue of $-2,329, expenses of $41K, and assets of $359K (revenue -100.5% year-over-year).
- 2020: Revenue of $466K, expenses of $116K, and assets of $398K (revenue +2659.6% year-over-year).
- 2019: Revenue of $17K, expenses of $110K, and assets of $81K (revenue +10648.4% year-over-year).
- 2015: Revenue of $157, expenses of $33K, and assets of $46K (revenue -100.0% year-over-year).
- 2014: Revenue of $2.4M, expenses of $2.5M, and assets of $80K (revenue +607108.5% year-over-year).
- 2013: Revenue of $398, expenses of $2.5M, and assets of $153K (revenue -100.0% year-over-year).
- 2012: Revenue of $1.5M, expenses of $1.2M, and assets of $2.6M (revenue -12.5% year-over-year).
- 2011: Revenue of $1.7M, expenses of $1.6M, and assets of $2.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Canal Charitable Foundation:
Data Sources and Methodology
This transparency report for Canal Charitable 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.