Carey Family Foundation
Carey Family Foundation's assets exceed $40M, but recent expenses significantly outpace revenue.
EIN: 201970720 · Darien, CT · NTEE: T20 · Updated: 2026-03-28
Is Carey Family Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Carey Family Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Carey Family Foundation
Carey Family Foundation (EIN: 201970720) is a nonprofit organization based in Darien, CT, classified under NTEE code T20. The organization reported total revenue of $1.8M and total assets of $40.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Carey Family Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Carey Family Foundation is a mid-size nonprofit that has been operating for 21 years, with 10 years of IRS 990 filings on record (2012–2024). Revenue has grown at a compound annual rate of 5.4%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.4M |
| Total Expenses | $6.1M |
| Surplus / Deficit | $-4,664,819 |
| Total Assets | $38.1M |
| Total Liabilities | $1 |
| Net Assets | $38.1M |
| Operating Margin | -327.7% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 75.1 months |
Financial Health Grade: B
In 2024, Carey Family Foundation reported a deficit of $4.7M with expenses exceeding revenue, holds 75.1 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 (2012–2024), Carey Family Foundation's revenue has grown at a compound annual growth rate (CAGR) of 5.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | -49.4% | +36.2% | +5.8% |
| 2023 | -19.3% | +37.1% | +15.8% |
| 2022 | +29.0% | +203.9% | -13.4% |
| 2021 | +12.0% | +27.2% | +35.2% |
| 2020 | +150.0% | -19.1% | +118.3% |
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 Carey Family Foundation with a Mission Score of 85 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, Carey 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 (2024)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $4.7M, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that executive leadership is either entirely volunteer-based or compensated through other means, which is highly efficient for a foundation of its size.
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 Carey Family Foundation's IRS 990 filings:
- Expenses significantly exceeding revenue in recent periods (e.g., 2024 expenses $6.08M vs. revenue $1.42M), indicating reliance on asset drawdowns.
Strengths
The following positive indicators were identified for Carey Family Foundation:
- Substantial and growing asset base, currently over $40 million, providing long-term stability.
- Consistent 0% officer compensation, indicating highly efficient administrative spending.
- Minimal liabilities across all filing periods, demonstrating sound financial management.
- Long history of consistent IRS 990 filings, indicating good transparency.
Frequently Asked Questions about Carey Family Foundation
Is Carey Family Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Carey Family Foundation (EIN: 201970720) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Carey Family Foundation spend its money?
Carey Family Foundation directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Carey Family Foundation tax-deductible?
Carey Family Foundation is registered as a tax-exempt nonprofit (EIN: 201970720). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is the Carey Family Foundation financially sustainable given recent expense trends?
While the foundation has substantial assets of over $40 million, recent years (2023 and 2024) show expenses significantly exceeding revenue. For example, in 2024, expenses were $6,088,173 against revenue of $1,423,354. This suggests the foundation is drawing down its endowment, which is sustainable in the short-to-medium term due to its large asset base, but warrants monitoring if this trend continues without offsetting investment gains.
How does the zero officer compensation impact the foundation's operations?
The consistent reporting of 0% officer compensation is a significant strength, indicating that administrative overhead related to executive salaries is non-existent. This allows a greater proportion of funds to be directed towards the foundation's mission, enhancing its efficiency and impact.
What is the growth trajectory of the foundation's assets?
The foundation has demonstrated strong asset growth, increasing from $7,937,675 in 2012 to $40,766,425 currently. This substantial growth provides a robust financial base for its grantmaking activities.
Filing History
IRS 990 filing history for Carey Family Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2012–2024), Carey Family Foundation's revenue has grown by 87.9%, moving from $757K to $1.4M. Total assets increased by 379.8% over the same period, from $7.9M to $38.1M. Total functional expenses rose by 5103.8%, from $117K to $6.1M. In its most recent filing year (2024), Carey Family Foundation reported a deficit of $4.7M, with expenses exceeding revenue. The organization holds $1 in liabilities against $38.1M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $38.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $1.4M | $6.1M | $38.1M | $1 | — | View 990 |
| 2023 | $2.8M | $4.5M | $36.0M | $1 | — | — |
| 2022 | $3.5M | $3.3M | $31.1M | $2K | — | View 990 |
| 2021 | $2.7M | $1.1M | $35.9M | $2K | — | View 990 |
| 2020 | $2.4M | $844K | $26.5M | $2K | — | View 990 |
| 2016 | $966K | $1.0M | $12.2M | $0 | — | View 990 |
| 2015 | $1.4M | $678K | $12.4M | $25K | — | View 990 |
| 2014 | $1.1M | $223K | $12.2M | $0 | — | View 990 |
| 2013 | $2.7M | $143K | $10.2M | $0 | — | View 990 |
| 2012 | $757K | $117K | $7.9M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $1.4M, expenses of $6.1M, and assets of $38.1M (revenue -49.4% year-over-year).
- 2023: Revenue of $2.8M, expenses of $4.5M, and assets of $36.0M (revenue -19.3% year-over-year).
- 2022: Revenue of $3.5M, expenses of $3.3M, and assets of $31.1M (revenue +29.0% year-over-year).
- 2021: Revenue of $2.7M, expenses of $1.1M, and assets of $35.9M (revenue +12.0% year-over-year).
- 2020: Revenue of $2.4M, expenses of $844K, and assets of $26.5M (revenue +150.0% year-over-year).
- 2016: Revenue of $966K, expenses of $1.0M, and assets of $12.2M (revenue -30.7% year-over-year).
- 2015: Revenue of $1.4M, expenses of $678K, and assets of $12.4M (revenue +28.8% year-over-year).
- 2014: Revenue of $1.1M, expenses of $223K, and assets of $12.2M (revenue -60.2% year-over-year).
- 2013: Revenue of $2.7M, expenses of $143K, and assets of $10.2M (revenue +258.7% year-over-year).
- 2012: Revenue of $757K, expenses of $117K, and assets of $7.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Carey Family Foundation:
Data Sources and Methodology
This transparency report for Carey 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.