Food Bank Of The Albemarle
EIN: 561341658 · Elizabeth Cty, NC · NTEE: K31Z
Is Food Bank Of The Albemarle Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Food Bank Of The Albemarle
Food Bank Of The Albemarle (EIN: 561341658) is a nonprofit organization based in Elizabeth Cty, NC, classified under NTEE code K31Z. The organization reported total revenue of $17.7M and total assets of $11.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Food Bank Of The Albemarle's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Food Bank Of The Albemarle is a large nonprofit that has been operating for 41 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 7.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $16.6M |
| Total Expenses | $14.6M |
| Surplus / Deficit | +$2.0M |
| Total Assets | $10.4M |
| Total Liabilities | $160K |
| Net Assets | $10.2M |
| Operating Margin | 11.9% |
| Debt-to-Asset Ratio | 1.5% |
| Months of Reserves | 8.5 months |
Financial Health Grade: A
In 2023, Food Bank Of The Albemarle reported a surplus of $2.0M with revenue exceeding expenses, holds 8.5 months of operating reserves (strong position), has a debt-to-asset ratio of 1.5% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Food Bank Of The Albemarle's revenue has grown at a compound annual growth rate (CAGR) of 7.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -2.4% | -14.7% | +21.3% |
| 2022 | -17.9% | +12.8% | -10.7% |
| 2021 | +44.5% | +22.8% | +135.5% |
| 2020 | +36.5% | +17.3% | +181.9% |
| 2019 | +10.4% | +11.1% | +12.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1985 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Food Bank Of The Albemarle 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 Food Bank Of The Albemarle 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 surplus of $2.0M, with revenue exceeding expenses.
- Debt-to-asset ratio: 1.5%.
Frequently Asked Questions about Food Bank Of The Albemarle
Is Food Bank Of The Albemarle a legitimate charity?
Based on AI analysis of IRS 990 filings, Food Bank Of The Albemarle (EIN: 561341658) insufficient data. 0 red flags identified, 0 strengths noted.
How does Food Bank Of The Albemarle spend its money?
Detailed spending breakdown data is not yet available for Food Bank Of The Albemarle. Check back for updated IRS 990 analysis.
Are donations to Food Bank Of The Albemarle tax-deductible?
Food Bank Of The Albemarle is registered as a tax-exempt nonprofit (EIN: 561341658). 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 Food Bank Of The Albemarle showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Food Bank Of The Albemarle's revenue has grown by 133.9%, moving from $7.1M to $16.6M. Total assets increased by 858.1% over the same period, from $1.1M to $10.4M. Total functional expenses rose by 102.6%, from $7.2M to $14.6M. In its most recent filing year (2023), Food Bank Of The Albemarle reported a surplus of $2.0M, with revenue exceeding expenses. The organization holds $160K in liabilities against $10.4M in assets (debt-to-asset ratio: 1.5%), resulting in net assets of $10.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $16.6M | $14.6M | $10.4M | $160K | — | — |
| 2022 | $17.0M | $17.1M | $8.5M | $309K | — | View 990 |
| 2021 | $20.7M | $15.2M | $9.6M | $1.2M | — | — |
| 2020 | $14.3M | $12.4M | $4.1M | $1.2M | — | View 990 |
| 2019 | $10.5M | $10.5M | $1.4M | $507K | — | View 990 |
| 2018 | $9.5M | $9.5M | $1.3M | $295K | — | View 990 |
| 2017 | $10.0M | $10.3M | $1.3M | $321K | — | View 990 |
| 2016 | $9.3M | $9.2M | $1.5M | $239K | — | View 990 |
| 2015 | $9.4M | $9.5M | $1.4M | $256K | — | View 990 |
| 2014 | $8.6M | $8.4M | $1.6M | $312K | — | View 990 |
| 2013 | $8.5M | $8.4M | $1.5M | $347K | — | View 990 |
| 2012 | $7.4M | $7.2M | $1.4M | $291K | — | View 990 |
| 2011 | $7.1M | $7.2M | $1.1M | $240K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $16.6M, expenses of $14.6M, and assets of $10.4M (revenue -2.4% year-over-year).
- 2022: Revenue of $17.0M, expenses of $17.1M, and assets of $8.5M (revenue -17.9% year-over-year).
- 2021: Revenue of $20.7M, expenses of $15.2M, and assets of $9.6M (revenue +44.5% year-over-year).
- 2020: Revenue of $14.3M, expenses of $12.4M, and assets of $4.1M (revenue +36.5% year-over-year).
- 2019: Revenue of $10.5M, expenses of $10.5M, and assets of $1.4M (revenue +10.4% year-over-year).
- 2018: Revenue of $9.5M, expenses of $9.5M, and assets of $1.3M (revenue -5.0% year-over-year).
- 2017: Revenue of $10.0M, expenses of $10.3M, and assets of $1.3M (revenue +7.6% year-over-year).
- 2016: Revenue of $9.3M, expenses of $9.2M, and assets of $1.5M (revenue -1.0% year-over-year).
- 2015: Revenue of $9.4M, expenses of $9.5M, and assets of $1.4M (revenue +9.7% year-over-year).
- 2014: Revenue of $8.6M, expenses of $8.4M, and assets of $1.6M (revenue +1.0% year-over-year).
- 2013: Revenue of $8.5M, expenses of $8.4M, and assets of $1.5M (revenue +13.9% year-over-year).
- 2012: Revenue of $7.4M, expenses of $7.2M, and assets of $1.4M (revenue +5.0% year-over-year).
- 2011: Revenue of $7.1M, expenses of $7.2M, and assets of $1.1M.
Data Sources and Methodology
This transparency report for Food Bank Of The Albemarle 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.