Fox Islands Electric Cooperative Inc
Fox Islands Electric Cooperative consistently operates at break-even with zero officer compensation.
EIN: 10333304 · Vinalhaven, ME · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $4.2M |
| Total Expenses | $2.9M |
| Program Spending | 90% |
| Net Assets | $7.5M |
| Transparency Score | 90/100 |
Is Fox Islands Electric Cooperative Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Fox Islands Electric Cooperative Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Fox Islands Electric Cooperative Inc
Fox Islands Electric Cooperative Inc (EIN: 10333304) is a nonprofit organization based in Vinalhaven, ME. The organization reported total revenue of $4.2M and total assets of $19.2M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Fox Islands Electric Cooperative Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Fox Islands Electric Cooperative Inc is a mid-size nonprofit that has been operating for 47 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 5.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.9M |
| Total Expenses | $2.9M |
| Surplus / Deficit | +$0 |
| Total Assets | $19.5M |
| Total Liabilities | $12.0M |
| Net Assets | $7.5M |
| Operating Margin | 0.0% |
| Debt-to-Asset Ratio | 61.5% |
| Months of Reserves | 79.8 months |
Financial Health Grade: B
In 2023, Fox Islands Electric Cooperative Inc reported a surplus of $0 with revenue exceeding expenses, holds 79.8 months of operating reserves (strong position), has a debt-to-asset ratio of 61.5% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Fox Islands Electric Cooperative Inc's revenue has grown at a compound annual growth rate (CAGR) of 5.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +11.5% | +11.5% | -0.1% |
| 2022 | +0.4% | +0.4% | +3.1% |
| 2021 | +2.7% | +2.7% | -2.8% |
| 2020 | +5.1% | +5.1% | -3.1% |
| 2019 | -3.2% | -3.2% | -3.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1979 |
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 Fox Islands Electric Cooperative 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, Fox Islands Electric Cooperative 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 $0, with revenue exceeding expenses.
- Debt-to-asset ratio: 61.5%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that the cooperative's officers do not receive salaries from the organization, which is highly unusual and suggests a strong commitment to minimizing 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 Fox Islands Electric Cooperative Inc's IRS 990 filings:
- Lack of detailed expense breakdown in summary data
- NTEE Code Unknown
Strengths
The following positive indicators were identified for Fox Islands Electric Cooperative Inc:
- Consistent break-even operations, typical for a cooperative
- Zero officer compensation reported across all filings
- Stable asset and liability management over time
- Consistent financial reporting history (13 filings)
Frequently Asked Questions about Fox Islands Electric Cooperative Inc
Is Fox Islands Electric Cooperative Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Fox Islands Electric Cooperative Inc (EIN: 10333304) some concerns. Mission Score: 90/100. 2 red flags identified, 4 strengths noted.
How does Fox Islands Electric Cooperative Inc spend its money?
Fox Islands Electric Cooperative Inc directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Fox Islands Electric Cooperative Inc tax-deductible?
Fox Islands Electric Cooperative Inc is registered as a tax-exempt nonprofit (EIN: 10333304). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Fox Islands Electric Cooperative Inc located?
Fox Islands Electric Cooperative Inc is headquartered in Vinalhaven, Maine and files with the IRS under EIN 10333304.
How many years of IRS 990 filings does Fox Islands Electric Cooperative Inc have?
Fox Islands Electric Cooperative Inc has 13 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 $4.2M in total revenue.
How does Fox Islands Electric Cooperative Inc. manage to operate with 0% officer compensation?
The provided data consistently shows 0% officer compensation, which is highly unusual for an organization of this size. This could imply that officers are volunteers, compensated through other means not reported as 'officer compensation' on the 990, or that the cooperative structure allows for this operational model.
What is the primary use of the cooperative's revenue if expenses consistently match revenue?
As a cooperative, the primary use of revenue is to cover the costs of providing electricity services to its members. The consistent matching of revenue and expenses indicates that the cooperative operates on a break-even basis, reinvesting all income back into operations and infrastructure rather than generating profit.
Has the cooperative's financial health changed significantly over the past decade?
The cooperative has maintained a stable financial position over the past decade. While assets have slightly decreased from $21.9 million in 2015 to $19.4 million in 2023, liabilities have also decreased proportionally, from $15.7 million to $11.9 million, suggesting prudent financial management rather than a decline in health.
Filing History
IRS 990 filing history for Fox Islands Electric Cooperative Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Fox Islands Electric Cooperative Inc's revenue has grown by 84.7%, moving from $1.6M to $2.9M. Total assets increased by 91.6% over the same period, from $10.2M to $19.5M. Total functional expenses rose by 97.1%, from $1.5M to $2.9M. In its most recent filing year (2023), Fox Islands Electric Cooperative Inc reported a surplus of $0, with revenue exceeding expenses. The organization holds $12.0M in liabilities against $19.5M in assets (debt-to-asset ratio: 61.5%), resulting in net assets of $7.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.9M | $2.9M | $19.5M | $12.0M | — | — |
| 2022 | $2.6M | $2.6M | $19.5M | $12.3M | — | View 990 |
| 2021 | $2.6M | $2.6M | $18.9M | $11.8M | — | View 990 |
| 2020 | $2.5M | $2.5M | $19.4M | $12.5M | — | — |
| 2019 | $2.4M | $2.4M | $20.0M | $13.3M | — | View 990 |
| 2018 | $2.5M | $2.5M | $20.7M | $14.1M | — | View 990 |
| 2017 | $2.6M | $2.6M | $21.1M | $14.6M | — | — |
| 2016 | $2.5M | $2.5M | $21.6M | $15.3M | — | View 990 |
| 2015 | $2.5M | $2.5M | $21.9M | $15.8M | — | View 990 |
| 2014 | $1.6M | $1.6M | $10.4M | $8.2M | — | View 990 |
| 2013 | $1.6M | $1.5M | $10.5M | $8.3M | — | View 990 |
| 2012 | $1.5M | $1.4M | $10.4M | $8.2M | — | View 990 |
| 2011 | $1.6M | $1.5M | $10.2M | $8.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.9M, expenses of $2.9M, and assets of $19.5M (revenue +11.5% year-over-year).
- 2022: Revenue of $2.6M, expenses of $2.6M, and assets of $19.5M (revenue +0.4% year-over-year).
- 2021: Revenue of $2.6M, expenses of $2.6M, and assets of $18.9M (revenue +2.7% year-over-year).
- 2020: Revenue of $2.5M, expenses of $2.5M, and assets of $19.4M (revenue +5.1% year-over-year).
- 2019: Revenue of $2.4M, expenses of $2.4M, and assets of $20.0M (revenue -3.2% year-over-year).
- 2018: Revenue of $2.5M, expenses of $2.5M, and assets of $20.7M (revenue -2.0% year-over-year).
- 2017: Revenue of $2.6M, expenses of $2.6M, and assets of $21.1M (revenue +2.3% year-over-year).
- 2016: Revenue of $2.5M, expenses of $2.5M, and assets of $21.6M (revenue -1.7% year-over-year).
- 2015: Revenue of $2.5M, expenses of $2.5M, and assets of $21.9M (revenue +60.2% year-over-year).
- 2014: Revenue of $1.6M, expenses of $1.6M, and assets of $10.4M (revenue +1.3% year-over-year).
- 2013: Revenue of $1.6M, expenses of $1.5M, and assets of $10.5M (revenue +3.3% year-over-year).
- 2012: Revenue of $1.5M, expenses of $1.4M, and assets of $10.4M (revenue -4.5% year-over-year).
- 2011: Revenue of $1.6M, expenses of $1.5M, and assets of $10.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Fox Islands Electric Cooperative Inc:
Data Sources and Methodology
This transparency report for Fox Islands Electric Cooperative 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.