Foundation Source Charitable Foundation Inc
Foundation Source Charitable Foundation Inc consistently reports zero officer compensation and minimal liabilities.
EIN: 201459350 · Wilmington, DE · NTEE: T22 · Updated: 2026-03-28
Is Foundation Source Charitable Foundation Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Foundation Source Charitable Foundation Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Foundation Source Charitable Foundation Inc
Foundation Source Charitable Foundation Inc (EIN: 201459350) is a nonprofit organization based in Wilmington, DE, classified under NTEE code T22. The organization reported total revenue of $25K and total assets of $24K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Foundation Source Charitable Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Foundation Source Charitable Foundation Inc is a micro nonprofit that has been operating for 21 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 21.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $20K |
| Total Expenses | $3K |
| Surplus / Deficit | +$17K |
| Total Assets | $31K |
| Total Liabilities | $1 |
| Net Assets | $31K |
| Operating Margin | 86.8% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 139.4 months |
Financial Health Grade: A
In 2023, Foundation Source Charitable Foundation Inc reported a surplus of $17K with revenue exceeding expenses, holds 139.4 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), Foundation Source Charitable Foundation Inc's revenue has grown at a compound annual growth rate (CAGR) of 21.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -33.2% | -89.4% | +130.7% |
| 2022 | +47.8% | +20.6% | +61.8% |
| 2021 | +58165.7% | +28.5% | -4.2% |
| 2020 | -99.8% | +224.9% | -67.3% |
| 2019 | +0.5% | -4.0% | +40.7% |
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 Foundation Source Charitable Foundation 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: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Foundation Source Charitable Foundation Inc 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 $17K, 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 no salaries are paid to officers, which is highly favorable for a small foundation.
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 Foundation Source Charitable Foundation Inc's IRS 990 filings:
- Lack of detailed program spending breakdown in available data
Strengths
The following positive indicators were identified for Foundation Source Charitable Foundation Inc:
- Consistent 0% officer compensation
- Minimal liabilities reported across all filings ($0 or $1)
- Revenue generally exceeds expenses in recent years, indicating financial stability
- Lean operational structure with low reported expenses relative to revenue in most periods
Frequently Asked Questions about Foundation Source Charitable Foundation Inc
Is Foundation Source Charitable Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Foundation Source Charitable Foundation Inc (EIN: 201459350) some concerns. Mission Score: 90/100. 1 red flag identified, 4 strengths noted.
How does Foundation Source Charitable Foundation Inc spend its money?
Foundation Source Charitable Foundation Inc directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Foundation Source Charitable Foundation Inc tax-deductible?
Foundation Source Charitable Foundation Inc is registered as a tax-exempt nonprofit (EIN: 201459350). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What are the specific programs or grants funded by Foundation Source Charitable Foundation Inc?
The provided IRS 990 data does not detail specific programs or grants funded, only overall revenue and expenses. Further investigation into their public disclosures or website would be needed to understand their grantmaking activities.
Why did assets fluctuate significantly, from $1,048 in 2011 to $30,860 in 2023?
Asset fluctuations are common for foundations, often reflecting the timing of large donations or grant distributions. For example, a significant increase in revenue in 2022 ($30,137) likely contributed to the asset growth seen in 2023.
What constitutes the 'expenses' reported if officer compensation is zero?
Given the NTEE code T22 (Grantmaking Foundations), expenses likely consist primarily of grants paid to other organizations, along with minimal operational costs such as legal, accounting, or administrative fees necessary to manage the foundation.
Filing History
IRS 990 filing history for Foundation Source Charitable Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Foundation Source Charitable Foundation Inc's revenue has grown by 904.1%, moving from $2K to $20K. Total assets increased by 2844.7% over the same period, from $1K to $31K. Total functional expenses rose by 45.6%, from $2K to $3K. In its most recent filing year (2023), Foundation Source Charitable Foundation Inc reported a surplus of $17K, with revenue exceeding expenses. The organization holds $1 in liabilities against $31K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $31K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $20K | $3K | $31K | $1 | — | — |
| 2022 | $30K | $25K | $13K | $1 | — | View 990 |
| 2021 | $20K | $21K | $8K | $1 | — | — |
| 2020 | $35 | $16K | $9K | $0 | — | View 990 |
| 2019 | $15K | $5K | $26K | $1 | — | View 990 |
| 2015 | $15K | $5K | $19K | $1 | — | View 990 |
| 2014 | $13K | $8K | $9K | $1 | — | View 990 |
| 2013 | $10K | $8K | $4K | $1 | — | View 990 |
| 2012 | $3K | $2K | $2K | $1 | — | View 990 |
| 2011 | $2K | $2K | $1K | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $20K, expenses of $3K, and assets of $31K (revenue -33.2% year-over-year).
- 2022: Revenue of $30K, expenses of $25K, and assets of $13K (revenue +47.8% year-over-year).
- 2021: Revenue of $20K, expenses of $21K, and assets of $8K (revenue +58165.7% year-over-year).
- 2020: Revenue of $35, expenses of $16K, and assets of $9K (revenue -99.8% year-over-year).
- 2019: Revenue of $15K, expenses of $5K, and assets of $26K (revenue +0.5% year-over-year).
- 2015: Revenue of $15K, expenses of $5K, and assets of $19K (revenue +20.3% year-over-year).
- 2014: Revenue of $13K, expenses of $8K, and assets of $9K (revenue +24.9% year-over-year).
- 2013: Revenue of $10K, expenses of $8K, and assets of $4K (revenue +233.4% year-over-year).
- 2012: Revenue of $3K, expenses of $2K, and assets of $2K (revenue +50.0% year-over-year).
- 2011: Revenue of $2K, expenses of $2K, and assets of $1K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Foundation Source Charitable Foundation Inc:
Data Sources and Methodology
This transparency report for Foundation Source Charitable Foundation 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.