Franklin Southampton Economic Development Inc
Franklin Southampton Economic Development Inc. shows consistent operations with recent deficit spending and declining assets, reporting no officer compensation.
EIN: 134311862 · Franklin, VA · NTEE: S30 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $438K |
| Total Expenses | $451K |
| Program Spending | 80% |
| Net Assets | $1.2M |
| Transparency Score | 75/100 |
Is Franklin Southampton Economic Development Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Franklin Southampton Economic Development Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Franklin Southampton Economic Development Inc
Franklin Southampton Economic Development Inc (EIN: 134311862) is a nonprofit organization based in Franklin, VA, classified under NTEE code S30. The organization reported total revenue of $438K and total assets of $1.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Franklin Southampton Economic Development Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Franklin Southampton Economic Development Inc is a small nonprofit that has been operating for 19 years, with 12 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -0.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $389K |
| Total Expenses | $451K |
| Surplus / Deficit | $-62,028 |
| Total Assets | $1.2M |
| Total Liabilities | $14K |
| Net Assets | $1.2M |
| Operating Margin | -15.9% |
| Debt-to-Asset Ratio | 1.2% |
| Months of Reserves | 33.0 months |
Financial Health Grade: B
In 2023, Franklin Southampton Economic Development Inc reported a deficit of $62K with expenses exceeding revenue, holds 33.0 months of operating reserves (strong position), has a debt-to-asset ratio of 1.2% (very low leverage).
Financial Trends
Over 12 years of filings (2011–2023), Franklin Southampton Economic Development Inc's revenue has declined at a compound annual growth rate (CAGR) of -0.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -4.4% | -5.7% | -3.7% |
| 2022 | -42.2% | -19.8% | -5.3% |
| 2021 | +57.6% | +25.5% | -3.3% |
| 2019 | -0.5% | +2.0% | -1.7% |
| 2018 | +2.6% | -5.4% | -0.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2007 |
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 Franklin Southampton Economic Development 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, Franklin Southampton Economic Development 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 $62K, with expenses exceeding revenue.
- Debt-to-asset ratio: 1.2%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, which is highly unusual for an organization of its size and operational scope, suggesting either a fully volunteer executive team or compensation being reported under different categories.
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 Franklin Southampton Economic Development Inc's IRS 990 filings:
- Consistent operational deficits in recent years (e.g., 2023, 2022, 2019, 2018, 2017) where expenses exceeded revenue.
- Gradual decline in total assets from $1,525,929 in 2016 to $1,240,197 in 2023.
- Consistent reporting of 0% officer compensation, which is unusual and warrants further scrutiny for transparency.
Strengths
The following positive indicators were identified for Franklin Southampton Economic Development Inc:
- Low liabilities across all reported periods, indicating a strong balance sheet and minimal debt burden.
- Consistent filing of IRS 990s over 12 periods, demonstrating regulatory compliance.
- Solid asset base, with over $1 million in assets, providing financial stability despite recent operational deficits.
Frequently Asked Questions about Franklin Southampton Economic Development Inc
Is Franklin Southampton Economic Development Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Franklin Southampton Economic Development Inc (EIN: 134311862) some concerns. Mission Score: 75/100. 3 red flags identified, 3 strengths noted.
How does Franklin Southampton Economic Development Inc spend its money?
Franklin Southampton Economic Development Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Franklin Southampton Economic Development Inc tax-deductible?
Franklin Southampton Economic Development Inc is registered as a tax-exempt nonprofit (EIN: 134311862). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Franklin Southampton Economic Development Inc's spending goes to programs?
Franklin Southampton Economic Development Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Franklin Southampton Economic Development Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Franklin Southampton Economic Development Inc is above average for NTEE category S30 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Franklin Southampton Economic Development Inc located?
Franklin Southampton Economic Development Inc is headquartered in Franklin, Virginia and files with the IRS under EIN 134311862. It is classified under NTEE code S30.
How many years of IRS 990 filings does Franklin Southampton Economic Development Inc have?
Franklin Southampton Economic Development Inc has 12 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 $438K in total revenue.
Why has the organization consistently reported 0% officer compensation?
The consistent reporting of 0% officer compensation across all 12 filings is highly unusual for an organization with annual expenses often exceeding $400,000. This could indicate a fully volunteer executive leadership, or that executive compensation is categorized differently within the 990, such as under 'other salaries and wages' or through a related entity, which would require further investigation for complete transparency.
What is the long-term strategy for addressing the recurring operational deficits?
In recent years (e.g., 2023, 2022, 2019, 2018, 2017), the organization's expenses have exceeded its revenue. While not immediately critical due to its asset base, a sustained trend of deficit spending could impact long-term financial health. Understanding the strategy to either increase revenue or reduce expenses is crucial.
What is the detailed breakdown of program, administrative, and fundraising expenses?
Without a detailed breakdown of expenses beyond total expenses, it's challenging to fully assess spending efficiency. Knowing the proportion allocated to programs versus administrative and fundraising costs would provide a clearer picture of how effectively funds are being utilized towards its mission.
Filing History
IRS 990 filing history for Franklin Southampton Economic Development Inc showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2011–2023), Franklin Southampton Economic Development Inc's revenue has declined by 2.6%, moving from $399K to $389K. Total assets increased by 0.9% over the same period, from $1.2M to $1.2M. Total functional expenses fell by 7.4%, from $487K to $451K. In its most recent filing year (2023), Franklin Southampton Economic Development Inc reported a deficit of $62K, with expenses exceeding revenue. The organization holds $14K in liabilities against $1.2M in assets (debt-to-asset ratio: 1.2%), resulting in net assets of $1.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $389K | $451K | $1.2M | $14K | — | View 990 |
| 2022 | $407K | $478K | $1.3M | $24 | — | View 990 |
| 2021 | $703K | $597K | $1.4M | $3 | — | View 990 |
| 2019 | $446K | $475K | $1.4M | $31K | — | View 990 |
| 2018 | $448K | $466K | $1.4M | $26K | — | View 990 |
| 2017 | $437K | $493K | $1.4M | $13K | — | View 990 |
| 2016 | $444K | $416K | $1.5M | $48K | — | View 990 |
| 2015 | $459K | $386K | $1.5M | $68K | — | View 990 |
| 2014 | $478K | $353K | $1.4M | $40K | — | View 990 |
| 2013 | $416K | $350K | $1.3M | $0 | — | View 990 |
| 2012 | $404K | $448K | $1.2M | $0 | — | View 990 |
| 2011 | $399K | $487K | $1.2M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $389K, expenses of $451K, and assets of $1.2M (revenue -4.4% year-over-year).
- 2022: Revenue of $407K, expenses of $478K, and assets of $1.3M (revenue -42.2% year-over-year).
- 2021: Revenue of $703K, expenses of $597K, and assets of $1.4M (revenue +57.6% year-over-year).
- 2019: Revenue of $446K, expenses of $475K, and assets of $1.4M (revenue -0.5% year-over-year).
- 2018: Revenue of $448K, expenses of $466K, and assets of $1.4M (revenue +2.6% year-over-year).
- 2017: Revenue of $437K, expenses of $493K, and assets of $1.4M (revenue -1.6% year-over-year).
- 2016: Revenue of $444K, expenses of $416K, and assets of $1.5M (revenue -3.2% year-over-year).
- 2015: Revenue of $459K, expenses of $386K, and assets of $1.5M (revenue -4.1% year-over-year).
- 2014: Revenue of $478K, expenses of $353K, and assets of $1.4M (revenue +15.1% year-over-year).
- 2013: Revenue of $416K, expenses of $350K, and assets of $1.3M (revenue +2.8% year-over-year).
- 2012: Revenue of $404K, expenses of $448K, and assets of $1.2M (revenue +1.3% year-over-year).
- 2011: Revenue of $399K, expenses of $487K, and assets of $1.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Franklin Southampton Economic Development Inc:
Data Sources and Methodology
This transparency report for Franklin Southampton Economic Development 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.