Farmington Historical Society Inc
Farmington Historical Society Inc. operates with consistent deficits in recent years, maintaining assets through volunteer leadership.
EIN: 10377985 · Farmington, ME · Updated: 2026-03-28
Is Farmington Historical Society Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Farmington Historical Society Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Farmington Historical Society Inc
Farmington Historical Society Inc (EIN: 10377985) is a nonprofit organization based in Farmington, ME. The organization reported total revenue of $89K and total assets of $554K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Farmington Historical Society Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Farmington Historical Society Inc is a micro nonprofit that has been operating for 45 years, with 11 years of IRS 990 filings on record (2014–2023). Revenue has grown at a compound annual rate of -9.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $43K |
| Total Expenses | $70K |
| Surplus / Deficit | $-27,357 |
| Total Assets | $540K |
| Net Assets | $540K |
| Operating Margin | -64.1% |
| Months of Reserves | 92.5 months |
Financial Health Grade: B
In 2023, Farmington Historical Society Inc reported a deficit of $27K with expenses exceeding revenue, holds 92.5 months of operating reserves (strong position).
Financial Trends
Over 11 years of filings (2014–2023), Farmington Historical Society Inc's revenue has declined at a compound annual growth rate (CAGR) of -9.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +25.4% | +47.4% | -0.7% |
| 2022 | -4.8% | -20.5% | +0.1% |
| 2021 | -50.7% | +165.7% | -4.2% |
| 2020 | +159.3% | -19.9% | +9.7% |
| 2019 | -25.4% | -12.7% | +-0.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1981 |
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 Farmington Historical Society Inc with a Mission Score of 75 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Farmington Historical Society Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 deficit of $27K, with expenses exceeding revenue.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the organization's leadership is entirely volunteer-based. This suggests a highly dedicated, unpaid leadership structure, which is common for smaller historical societies and can contribute to lower administrative overhead.
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 Farmington Historical Society Inc's IRS 990 filings:
- Consistent operating deficits in the last three years (2023, 2022, 2021)
- Revenue fluctuations without clear growth trend
Strengths
The following positive indicators were identified for Farmington Historical Society Inc:
- No reported liabilities in recent years (2023, 2022, 2021)
- Volunteer-based leadership with 0% officer compensation, indicating low administrative overhead
- Stable asset base (around $540k-$560k in recent years) providing a financial cushion
Frequently Asked Questions about Farmington Historical Society Inc
Is Farmington Historical Society Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Farmington Historical Society Inc (EIN: 10377985) some concerns. Mission Score: 75/100. 2 red flags identified, 3 strengths noted.
How does Farmington Historical Society Inc spend its money?
Farmington Historical Society Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Farmington Historical Society Inc tax-deductible?
Farmington Historical Society Inc is registered as a tax-exempt nonprofit (EIN: 10377985). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Farmington Historical Society Inc. financially sustainable given its recent operating deficits?
The organization has reported operating deficits for the past three years (2023: -$27,357; 2022: -$13,489; 2021: -$23,987). While its assets are substantial at $539,921 (2023), continued deficits could erode these reserves over time, raising questions about long-term financial sustainability without increased revenue or reduced expenses.
How does the lack of officer compensation impact the organization?
The absence of officer compensation (0% reported) suggests a volunteer-led organization. This can be a strength by minimizing administrative costs and maximizing funds for programs, but it might also indicate a reliance on unpaid labor which could pose challenges for succession planning or professionalization.
What is the trend in the organization's assets?
Assets have remained relatively stable over the past few years, fluctuating between $539,921 (2023) and $567,320 (2020), after a higher point of $663,856 in 2015. This stability, despite operating deficits, suggests that the organization may be drawing from reserves or receiving non-operating income not fully reflected in annual revenue figures.
Filing History
IRS 990 filing history for Farmington Historical Society Inc showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2014–2023), Farmington Historical Society Inc's revenue has declined by 60.8%, moving from $109K to $43K. Total assets decreased by 20.4% over the same period, from $678K to $540K. Total functional expenses rose by 116.2%, from $32K to $70K. In its most recent filing year (2023), Farmington Historical Society Inc reported a deficit of $27K, with expenses exceeding revenue.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $43K | $70K | $540K | $0 | — | — |
| 2022 | $34K | $48K | $544K | $0 | — | — |
| 2021 | $36K | $60K | $543K | $0 | — | — |
| 2020 | $73K | $22K | $567K | $0 | — | View 990 |
| 2019 | $28K | $28K | $517K | $0 | — | View 990 |
| 2018 | $38K | $32K | $517K | $0 | — | View 990 |
| 2017 | $31K | $26K | $520K | $0 | — | View 990 |
| 2016 | $40K | $21K | $515K | $0 | — | View 990 |
| 2015 | $47K | $35K | $664K | $135K | — | — |
| 2015 | $47K | $35K | $664K | $135K | — | View 990 |
| 2014 | $109K | $32K | $678K | $143K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $43K, expenses of $70K, and assets of $540K (revenue +25.4% year-over-year).
- 2022: Revenue of $34K, expenses of $48K, and assets of $544K (revenue -4.8% year-over-year).
- 2021: Revenue of $36K, expenses of $60K, and assets of $543K (revenue -50.7% year-over-year).
- 2020: Revenue of $73K, expenses of $22K, and assets of $567K (revenue +159.3% year-over-year).
- 2019: Revenue of $28K, expenses of $28K, and assets of $517K (revenue -25.4% year-over-year).
- 2018: Revenue of $38K, expenses of $32K, and assets of $517K (revenue +20.4% year-over-year).
- 2017: Revenue of $31K, expenses of $26K, and assets of $520K (revenue -22.3% year-over-year).
- 2016: Revenue of $40K, expenses of $21K, and assets of $515K (revenue -15.3% year-over-year).
- 2015: Revenue of $47K, expenses of $35K, and assets of $664K (revenue +0.0% year-over-year).
- 2015: Revenue of $47K, expenses of $35K, and assets of $664K (revenue -56.5% year-over-year).
- 2014: Revenue of $109K, expenses of $32K, and assets of $678K.
Data Sources and Methodology
This transparency report for Farmington Historical Society 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.