Foodbank Of Monmouth And Ocean Counties Inc
Foodbank of Monmouth and Ocean Counties: Strong Financials, High Program Spending
EIN: 222622522 · Neptune, NJ · NTEE: P99Z · Updated: 2026-04-04
About Foodbank Of Monmouth And Ocean Counties Inc
Foodbank Of Monmouth And Ocean Counties Inc (EIN: 222622522) is a nonprofit organization based in Neptune, NJ, classified under NTEE code P99Z. The organization reported total revenue of $58.2M and total assets of $35.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Foodbank Of Monmouth And Ocean Counties Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Foodbank Of Monmouth And Ocean Counties Inc with a Mission Score of 90 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: 5%
- programs: 89%
- fundraising: 6%
According to IRS 990 filings, Foodbank Of Monmouth And Ocean Counties Inc allocates its expenses as follows: admin: 5%, programs: 89%, fundraising: 6%. With 89% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
Executive compensation appears reasonable given the organization's size and impact. For the 2023 fiscal year, the highest compensated individual received $225,000, which is appropriate for a CEO managing over $58 million in revenue and $35 million in assets.
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.
Strengths
The following positive indicators were identified for Foodbank Of Monmouth And Ocean Counties Inc:
- Consistently high program spending, with 89% of expenses dedicated to programs in 2023.
- Significant growth in revenue and assets over the past five years, demonstrating strong financial health and increasing capacity.
- Low administrative and fundraising costs, indicating efficient operations.
- Clear and accessible financial reporting through Form 990 filings.
- Strong community impact as a food bank serving two counties.
Frequently Asked Questions about Foodbank Of Monmouth And Ocean Counties Inc
What does Foodbank Of Monmouth And Ocean Counties Inc do?
Foodbank Of Monmouth And Ocean Counties Inc is a nonprofit organization in the Human Services sector, located in Neptune, New Jersey. It is classified under NTEE code P99Z.
How much revenue does Foodbank Of Monmouth And Ocean Counties Inc have?
Foodbank Of Monmouth And Ocean Counties Inc reported total revenue of $58,172,306. Based on 13 IRS 990 filings on record.
What are Foodbank Of Monmouth And Ocean Counties Inc's total assets?
Foodbank Of Monmouth And Ocean Counties Inc holds total assets of $35,421,236 as reported in IRS 990 filings.
Where is Foodbank Of Monmouth And Ocean Counties Inc located?
Foodbank Of Monmouth And Ocean Counties Inc is based in Neptune, New Jersey.
What is Foodbank Of Monmouth And Ocean Counties Inc's EIN?
Foodbank Of Monmouth And Ocean Counties Inc's Employer Identification Number (EIN) is 222622522. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Foodbank Of Monmouth And Ocean Counties Inc?
Foodbank Of Monmouth And Ocean Counties Inc is classified under NTEE code P99Z (Human Services).
Is Foodbank Of Monmouth And Ocean Counties Inc a registered 501(c)(3)?
Yes, Foodbank Of Monmouth And Ocean Counties Inc is recognized as a tax-exempt organization by the IRS. EIN: 222622522.
Does Foodbank Of Monmouth And Ocean Counties Inc file IRS Form 990?
Yes, Foodbank Of Monmouth And Ocean Counties Inc has 13 IRS Form 990 filings on record. The most recent covers tax period 202306.
What was Foodbank Of Monmouth And Ocean Counties Inc's revenue in 2023?
In the 202306 filing period, Foodbank Of Monmouth And Ocean Counties Inc reported total revenue of $37,218,857, total expenses of $35,476,755, and net assets of $29,276,341.
Is Foodbank Of Monmouth And Ocean Counties Inc's revenue growing or declining?
Foodbank Of Monmouth And Ocean Counties Inc's revenue is growing. Revenue went from $31,009,362 (202206) to $37,218,857 (202306), a +20.0% change. Based on 13 filings on record.
What is Foodbank Of Monmouth And Ocean Counties Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Foodbank Of Monmouth And Ocean Counties Inc covers tax period 202306. It shows revenue of $37,218,857, expenses of $35,476,755, total assets of $29,276,341, and liabilities of $3,663,023.
How much does Foodbank Of Monmouth And Ocean Counties Inc spend on programs vs administration?
Based on IRS 990 analysis, Foodbank Of Monmouth And Ocean Counties Inc allocates approximately 89% of expenses to program services, 5% to administrative costs, and 6% to fundraising. This indicates strong program focus.
Is Foodbank Of Monmouth And Ocean Counties Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Foodbank Of Monmouth And Ocean Counties Inc appears trustworthy. Mission Score: 90/100 (Excellent). No red flags identified. 5 strengths noted.
What are Foodbank Of Monmouth And Ocean Counties Inc's strengths?
Positive indicators for Foodbank Of Monmouth And Ocean Counties Inc include: Consistently high program spending, with 89% of expenses dedicated to programs in 2023.. Significant growth in revenue and assets over the past five years, demonstrating strong financial health and increasing capacity.. Low administrative and fundraising costs, indicating efficient operations.. Clear and accessible financial reporting through Form 990 filings.. Strong community impact as a food bank serving two counties.. These findings are derived from AI analysis of the organization's financial filings.
How does Foodbank Of Monmouth And Ocean Counties Inc compensate executives?
Executive compensation appears reasonable given the organization's size and impact. For the 2023 fiscal year, the highest compensated individual received $225,000, which is appropriate for a CEO managing over $58 million in revenue and $35 million in assets. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is Foodbank Of Monmouth And Ocean Counties Inc?
• The organization consistently reports 0% compensation from related parties, indicating good governance. • Detailed financial statements are available, showing consistent revenue and asset growth over the past several years. • The Form 990s are readily accessible, providing a clear overview of financial activities and executive compensation. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
How has the Foodbank managed to significantly increase its revenue and assets over the past five years, and what specific strategies contributed to this growth?
The Foodbank has seen substantial growth, with revenue increasing from $23.5 million in 2019 to $58.1 million in 2023, and assets growing from $12.4 million to $35.4 million in the same period. This growth likely stems from increased community support, successful fundraising campaigns, and potentially expanded partnerships or government grants, especially in response to heightened food insecurity needs.
Given the substantial increase in assets, what is the Foodbank's strategy for utilizing these assets to further its mission, beyond immediate program spending?
With assets growing to $35.4 million in 2023, the Foodbank likely has a strategy that includes investing in infrastructure (e.g., larger warehouses, improved logistics), building an endowment for long-term sustainability, or expanding specific programs to reach more individuals. This asset base provides a strong foundation for future strategic initiatives and resilience against economic fluctuations.
Filing History
IRS 990 filing history for Foodbank Of Monmouth And Ocean Counties Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Foodbank Of Monmouth And Ocean Counties Inc's revenue has grown by 153.9%, moving from $14.7M to $37.2M. Total assets increased by 181.1% over the same period, from $10.4M to $29.3M. Total functional expenses rose by 163.2%, from $13.5M to $35.5M. In its most recent filing year (2023), Foodbank Of Monmouth And Ocean Counties Inc reported a surplus of $1.7M, with revenue exceeding expenses. The organization holds $3.7M in liabilities against $29.3M in assets (debt-to-asset ratio: 12.5%), resulting in net assets of $25.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $37.2M | $35.5M | $29.3M | $3.7M | — | View 990 |
| 2022 | $31.0M | $29.7M | $24.3M | $1.5M | — | View 990 |
| 2021 | $40.8M | $32.4M | $23.5M | $283K | — | — |
| 2020 | $33.3M | $31.9M | $14.7M | $1.2M | — | View 990 |
| 2019 | $23.6M | $24.5M | $12.4M | $466K | — | View 990 |
| 2018 | $26.1M | $26.9M | $13.3M | $668K | — | View 990 |
| 2017 | $26.6M | $27.0M | $14.3M | $1.1M | — | View 990 |
| 2016 | $27.6M | $24.7M | $14.1M | $893K | — | View 990 |
| 2015 | $22.9M | $23.6M | $11.5M | $1.1M | — | View 990 |
| 2014 | $20.5M | $20.3M | $11.8M | $729K | — | View 990 |
| 2013 | $19.3M | $17.5M | $12.2M | $1.2M | — | View 990 |
| 2012 | $12.9M | $13.8M | $9.5M | $368K | — | View 990 |
| 2011 | $14.7M | $13.5M | $10.4M | $420K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $37.2M, expenses of $35.5M, and assets of $29.3M (revenue +20.0% year-over-year).
- 2022: Revenue of $31.0M, expenses of $29.7M, and assets of $24.3M (revenue -24.0% year-over-year).
- 2021: Revenue of $40.8M, expenses of $32.4M, and assets of $23.5M (revenue +22.5% year-over-year).
- 2020: Revenue of $33.3M, expenses of $31.9M, and assets of $14.7M (revenue +41.3% year-over-year).
- 2019: Revenue of $23.6M, expenses of $24.5M, and assets of $12.4M (revenue -9.7% year-over-year).
- 2018: Revenue of $26.1M, expenses of $26.9M, and assets of $13.3M (revenue -1.9% year-over-year).
- 2017: Revenue of $26.6M, expenses of $27.0M, and assets of $14.3M (revenue -3.8% year-over-year).
- 2016: Revenue of $27.6M, expenses of $24.7M, and assets of $14.1M (revenue +20.5% year-over-year).
- 2015: Revenue of $22.9M, expenses of $23.6M, and assets of $11.5M (revenue +12.2% year-over-year).
- 2014: Revenue of $20.5M, expenses of $20.3M, and assets of $11.8M (revenue +5.8% year-over-year).
- 2013: Revenue of $19.3M, expenses of $17.5M, and assets of $12.2M (revenue +49.3% year-over-year).
- 2012: Revenue of $12.9M, expenses of $13.8M, and assets of $9.5M (revenue -11.7% year-over-year).
- 2011: Revenue of $14.7M, expenses of $13.5M, and assets of $10.4M.
Data Sources and Methodology
This transparency report for Foodbank Of Monmouth And Ocean Counties 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.