Freeport Historical Society
Freeport Historical Society maintains stable assets despite recent operational deficits.
EIN: 10346944 · Freeport, ME · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $224K |
| Total Expenses | $260K |
| Program Spending | 75% |
| Net Assets | $2.0M |
| Transparency Score | 75/100 |
Is Freeport Historical Society Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Freeport Historical Society directs 75% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Freeport Historical Society
Freeport Historical Society (EIN: 10346944) is a nonprofit organization based in Freeport, ME. The organization reported total revenue of $224K and total assets of $2.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Freeport Historical Society's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Freeport Historical Society is a small nonprofit that has been operating for 49 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $191K |
| Total Expenses | $260K |
| Surplus / Deficit | $-69,344 |
| Total Assets | $2.0M |
| Total Liabilities | $5K |
| Net Assets | $2.0M |
| Operating Margin | -36.4% |
| Debt-to-Asset Ratio | 0.3% |
| Months of Reserves | 90.4 months |
Financial Health Grade: B
In 2023, Freeport Historical Society reported a deficit of $69K with expenses exceeding revenue, holds 90.4 months of operating reserves (strong position), has a debt-to-asset ratio of 0.3% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Freeport Historical Society's revenue has grown at a compound annual growth rate (CAGR) of 1.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -2.3% | +16.1% | -0.7% |
| 2022 | -44.9% | +37.5% | -9.1% |
| 2021 | +16.8% | -12.2% | +11.8% |
| 2020 | +36.2% | -4.0% | +13.4% |
| 2019 | +23.3% | -4.5% | +8.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1977 |
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 Freeport Historical Society 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: 75%
- fundraising: 10%
According to IRS 990 filings, Freeport Historical Society allocates its expenses as follows: admin: 15%, programs: 75%, fundraising: 10%. With 75% 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 $69K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.3%.
Executive Compensation Analysis
Executive compensation is not reported in any of the available filings, indicating that no officers receive compensation, which is a positive sign for resource allocation relative to the organization's size and revenue.
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 Freeport Historical Society's IRS 990 filings:
- Consistent operational deficits in recent years (e.g., $69,344 deficit in 2023, $28,895 deficit in 2022)
- Reliance on asset base to cover operational shortfalls if deficits continue
Strengths
The following positive indicators were identified for Freeport Historical Society:
- Stable and substantial asset base ($1,959,987 latest)
- No reported officer compensation across all filings, indicating efficient use of funds for leadership
- Low liabilities, demonstrating good debt management
- Consistent IRS 990 filing history, indicating strong transparency
Frequently Asked Questions about Freeport Historical Society
Is Freeport Historical Society a legitimate charity?
Freeport Historical Society (EIN: 10346944) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 75/100. It has 13 years of IRS 990 filings on record. Total revenue: $224K. 2 red flags identified. 4 strengths noted. Financial health grade: B.
How does Freeport Historical Society spend its money?
Freeport Historical Society directs 75% of its spending to programs and services. Fundraising costs 10%. This exceeds the 65% industry benchmark.
Are donations to Freeport Historical Society tax-deductible?
Freeport Historical Society is registered as a tax-exempt nonprofit (EIN: 10346944). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Freeport Historical Society's spending goes to programs?
Freeport Historical Society directs 75% to programs, 10% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Freeport Historical Society located?
Freeport Historical Society is headquartered in Freeport, Maine and files with the IRS under EIN 10346944.
How many years of IRS 990 filings does Freeport Historical Society have?
Freeport Historical Society 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 $224K in total revenue.
Is Freeport Historical Society a good charity?
Based on the available data, Freeport Historical Society appears to be a well-managed organization with stable assets and no reported officer compensation. However, recent operational deficits where expenses ($259,863 in 2023) exceeded revenue ($190,519 in 2023) warrant closer examination of their long-term financial sustainability.
How does Freeport Historical Society fund its operations?
While specific funding sources are not detailed, the organization's revenue has fluctuated, with a notable spike in 2016 ($1,173,450). Given recent deficits, it likely relies on a mix of donations, grants, membership fees, and potentially drawing from its substantial asset base ($1,959,987) to cover operational expenses.
What caused the significant revenue spike in 2016?
The IRS 990 data shows a substantial revenue increase to $1,173,450 in 2016, significantly higher than typical years. This could be due to a major capital campaign, a large one-time donation, or a significant grant. Further investigation into the 2016 filing would be needed to identify the specific cause.
Filing History
IRS 990 filing history for Freeport Historical Society showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Freeport Historical Society's revenue has grown by 20%, moving from $159K to $191K. Total assets increased by 304.3% over the same period, from $484K to $2.0M. Total functional expenses rose by 83%, from $142K to $260K. In its most recent filing year (2023), Freeport Historical Society reported a deficit of $69K, with expenses exceeding revenue. The organization holds $5K in liabilities against $2.0M in assets (debt-to-asset ratio: 0.3%), resulting in net assets of $2.0M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $191K | $260K | $2.0M | $5K | — | — |
| 2022 | $195K | $224K | $2.0M | $4K | — | View 990 |
| 2021 | $354K | $163K | $2.2M | $4K | — | View 990 |
| 2020 | $303K | $185K | $1.9M | $42K | — | View 990 |
| 2019 | $222K | $193K | $1.7M | $12K | — | View 990 |
| 2018 | $180K | $202K | $1.6M | $10K | — | View 990 |
| 2017 | $313K | $193K | $1.6M | $14K | — | View 990 |
| 2016 | $1.2M | $184K | $1.5M | $17K | — | View 990 |
| 2015 | $167K | $189K | $476K | $14K | — | View 990 |
| 2014 | $163K | $182K | $502K | $43K | — | View 990 |
| 2013 | $220K | $207K | $496K | $28K | — | View 990 |
| 2012 | $113K | $140K | $462K | $2K | — | View 990 |
| 2011 | $159K | $142K | $484K | $4K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $191K, expenses of $260K, and assets of $2.0M (revenue -2.3% year-over-year).
- 2022: Revenue of $195K, expenses of $224K, and assets of $2.0M (revenue -44.9% year-over-year).
- 2021: Revenue of $354K, expenses of $163K, and assets of $2.2M (revenue +16.8% year-over-year).
- 2020: Revenue of $303K, expenses of $185K, and assets of $1.9M (revenue +36.2% year-over-year).
- 2019: Revenue of $222K, expenses of $193K, and assets of $1.7M (revenue +23.3% year-over-year).
- 2018: Revenue of $180K, expenses of $202K, and assets of $1.6M (revenue -42.5% year-over-year).
- 2017: Revenue of $313K, expenses of $193K, and assets of $1.6M (revenue -73.3% year-over-year).
- 2016: Revenue of $1.2M, expenses of $184K, and assets of $1.5M (revenue +602.1% year-over-year).
- 2015: Revenue of $167K, expenses of $189K, and assets of $476K (revenue +2.7% year-over-year).
- 2014: Revenue of $163K, expenses of $182K, and assets of $502K (revenue -26.0% year-over-year).
- 2013: Revenue of $220K, expenses of $207K, and assets of $496K (revenue +94.9% year-over-year).
- 2012: Revenue of $113K, expenses of $140K, and assets of $462K (revenue -28.8% year-over-year).
- 2011: Revenue of $159K, expenses of $142K, and assets of $484K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Freeport Historical Society:
Data Sources and Methodology
This transparency report for Freeport Historical Society 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.