Damico Family Foundation
Damico Family Foundation maintains strong asset growth and zero executive compensation amidst fluctuating revenues.
EIN: 10702653 · Cleveland, OH · NTEE: T20 · Updated: 2026-03-27
| Metric | Value |
|---|---|
| Total Revenue | $1.5M |
| Total Expenses | $480K |
| Program Spending | 90% |
| CEO/Top Officer Pay | $10 |
| Net Assets | $9.2M |
| Transparency Score | 92/100 |
Is Damico Family Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Damico Family Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Damico Family Foundation
Damico Family Foundation (EIN: 10702653) is a nonprofit organization based in Cleveland, OH, classified under NTEE code T20. The organization reported total revenue of $1.5M and total assets of $9.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Damico Family Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Damico Family Foundation is a mid-size nonprofit that has been operating for 24 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 20.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.4M |
| Total Expenses | $480K |
| Surplus / Deficit | +$894K |
| Total Assets | $9.2M |
| Total Liabilities | $1 |
| Net Assets | $9.2M |
| Operating Margin | 65.1% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 231.0 months |
Financial Health Grade: A
In 2023, Damico Family Foundation reported a surplus of $894K with revenue exceeding expenses, holds 231.0 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), Damico Family Foundation's revenue has grown at a compound annual growth rate (CAGR) of 20.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +41.5% | -2.0% | +14.0% |
| 2022 | -55.2% | -26.6% | +9.7% |
| 2021 | +1127.0% | +48.8% | +37.4% |
| 2020 | -60.9% | -9.5% | -0.1% |
| 2019 | +81.8% | +3.2% | +24.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2002 |
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 Damico Family Foundation with a Mission Score of 92 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, Damico 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 $894K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that the foundation's leadership is either entirely volunteer-based or compensated through other means not reported as officer compensation, which is highly unusual for an organization with assets nearing $10 million.
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 Damico Family Foundation's IRS 990 filings:
- Highly volatile revenue streams, making future income less predictable.
- Unusually low liabilities ($1) across all filings, which might warrant further inquiry into financial reporting nuances if not a simple rounding or specific accounting practice.
Strengths
The following positive indicators were identified for Damico Family Foundation:
- Consistent asset growth, reaching $9,563,289 in the latest period.
- Zero reported officer compensation across all filings, indicating extremely low administrative overhead.
- Very low liabilities, consistently reported as $1, demonstrating strong financial stability.
- Strong program spending efficiency due to minimal executive compensation and low overhead.
- Long history of IRS 990 filings (10 filings), providing good transparency into financial operations.
Frequently Asked Questions about Damico Family Foundation
Is Damico Family Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Damico Family Foundation (EIN: 10702653) some concerns. Mission Score: 92/100. 2 red flags identified, 5 strengths noted.
How does Damico Family Foundation spend its money?
Damico Family Foundation directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Damico Family Foundation tax-deductible?
Damico Family Foundation is registered as a tax-exempt nonprofit (EIN: 10702653). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Damico Family Foundation CEO make?
Damico Family Foundation's highest-compensated officer earns $10 annually. The organization reported $1.5M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
How does Damico Family Foundation compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Damico 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 Damico Family Foundation located?
Damico Family Foundation is headquartered in Cleveland, Ohio and files with the IRS under EIN 10702653. It is classified under NTEE code T20.
How many years of IRS 990 filings does Damico Family Foundation have?
Damico 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 $1.5M in total revenue.
Is the Damico Family Foundation a good charity?
Based on the available IRS 990 data, the Damico Family Foundation appears to be a very good charity. It demonstrates strong financial health with growing assets ($9,563,289), extremely low liabilities ($1), and a remarkable commitment to minimizing overhead by reporting 0% officer compensation across all filings. This suggests a high proportion of expenses are directed towards its mission.
How does the foundation manage its assets?
The foundation has shown consistent asset growth, from $4,065,506 in 2011 to $9,563,289 in the latest period. This indicates effective asset management and potentially successful investment strategies, as assets have grown even during periods where expenses exceeded revenue (e.g., 2020 and 2019).
What is the trend in the foundation's revenue?
The foundation's revenue has been highly volatile, ranging from $147,299 in 2011 to $2,170,305 in 2021. While there's no clear upward or downward trend, the latest revenue of $1,548,100 is robust, suggesting a reliance on variable funding sources, possibly investment returns or significant individual donations.
Filing History
IRS 990 filing history for Damico Family Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Damico Family Foundation's revenue has grown by 833%, moving from $147K to $1.4M. Total assets increased by 127.3% over the same period, from $4.1M to $9.2M. Total functional expenses rose by 114.1%, from $224K to $480K. In its most recent filing year (2023), Damico Family Foundation reported a surplus of $894K, with revenue exceeding expenses. The organization holds $1 in liabilities against $9.2M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $9.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.4M | $480K | $9.2M | $1 | — | View 990 |
| 2022 | $971K | $490K | $8.1M | $1 | — | — |
| 2021 | $2.2M | $667K | $7.4M | $1 | — | View 990 |
| 2020 | $177K | $449K | $5.4M | $1 | — | View 990 |
| 2019 | $452K | $496K | $5.4M | $1 | — | View 990 |
| 2015 | $249K | $481K | $4.3M | $1 | — | View 990 |
| 2014 | $1.3M | $529K | $4.3M | $1 | — | View 990 |
| 2013 | $236K | $236K | $4.3M | $1 | — | View 990 |
| 2012 | $414K | $222K | $4.3M | $1 | — | View 990 |
| 2011 | $147K | $224K | $4.1M | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.4M, expenses of $480K, and assets of $9.2M (revenue +41.5% year-over-year).
- 2022: Revenue of $971K, expenses of $490K, and assets of $8.1M (revenue -55.2% year-over-year).
- 2021: Revenue of $2.2M, expenses of $667K, and assets of $7.4M (revenue +1127.0% year-over-year).
- 2020: Revenue of $177K, expenses of $449K, and assets of $5.4M (revenue -60.9% year-over-year).
- 2019: Revenue of $452K, expenses of $496K, and assets of $5.4M (revenue +81.8% year-over-year).
- 2015: Revenue of $249K, expenses of $481K, and assets of $4.3M (revenue -81.5% year-over-year).
- 2014: Revenue of $1.3M, expenses of $529K, and assets of $4.3M (revenue +467.3% year-over-year).
- 2013: Revenue of $236K, expenses of $236K, and assets of $4.3M (revenue -43.0% year-over-year).
- 2012: Revenue of $414K, expenses of $222K, and assets of $4.3M (revenue +181.2% year-over-year).
- 2011: Revenue of $147K, expenses of $224K, and assets of $4.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Damico Family Foundation:
Data Sources and Methodology
This transparency report for Damico 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.