Friends Of Carmel Richmond Inc

Friends Of Carmel Richmond Inc consistently reports no program expenses, acting as a supporting organization with growing assets but occasional operating deficits.

EIN: 133149480 · Staten Island, NY · NTEE: E91I · Updated: 2026-03-28

$3.0MRevenue

$4.1MAssets

40/100Mission Score (Fair)

E91I

About Friends Of Carmel Richmond Inc

Friends Of Carmel Richmond Inc (EIN: 133149480) is a nonprofit organization based in Staten Island, NY, classified under NTEE code E91I. The organization reported total revenue of $3.0M and total assets of $4.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Friends Of Carmel Richmond Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Friends Of Carmel Richmond Inc appears to be a supporting organization, as indicated by its NTEE code E91I and consistent lack of reported program service expenses in its 990 filings. The organization's financial health shows a pattern of modest revenue generation, typically under $200,000 annually, with assets steadily growing over the past decade, reaching $3,386,254 in the latest filing. However, the most recent filing (202303) shows expenses significantly exceeding revenue ($185,162 vs. $85,416), leading to a net loss for the period. This trend of expenses sometimes exceeding revenue is not new, as seen in 201903 and 201403, but the organization's substantial asset base provides a buffer.

Spending efficiency is difficult to assess directly from the provided data, as the organization consistently reports $0 for program service expenses, suggesting its primary function might be fundraising or asset management for another entity rather than direct program delivery. This structure inherently impacts how 'efficiency' is typically measured for direct service charities. Transparency regarding its ultimate programmatic impact is limited by this reporting structure, as the 990s do not detail how its funds ultimately support the mission of Carmel Richmond.

Executive compensation is consistently reported as 0%, which is a positive indicator for donor confidence regarding administrative overhead. However, the organization's liabilities have fluctuated, reaching a high of $4,500 in the latest period, which is relatively low compared to its assets. Overall, while financially stable in terms of assets, the lack of direct program spending and occasional operating deficits warrant closer examination of its role and ultimate impact.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Friends Of Carmel Richmond Inc with a Mission Score of 40 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 100%
programs: 0%
fundraising: 0%

According to IRS 990 filings, Friends Of Carmel Richmond Inc allocates its expenses as follows: admin: 100%, programs: 0%, fundraising: 0%.

Executive Compensation Analysis

Executive compensation is consistently reported as 0% across all available filings, indicating no direct salary payments to officers, which is a strong positive for administrative cost control.

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 Friends Of Carmel Richmond Inc's IRS 990 filings:

Consistently reports $0 in program service expenses, making direct impact assessment difficult.
Significant operating deficit in the latest filing (202303), with expenses more than double revenue.
Lack of clarity on how the 'Latest Revenue' figure ($2,970,790) relates to annual reported revenues.

Strengths

The following positive indicators were identified for Friends Of Carmel Richmond Inc:

Consistent growth in assets over the past decade, indicating financial stability.
0% reported officer compensation across all filings, demonstrating low administrative burden for executive pay.
Relatively low liabilities compared to assets, suggesting good financial management of debt.

Frequently Asked Questions about Friends Of Carmel Richmond Inc

What is the specific relationship between Friends Of Carmel Richmond Inc and Carmel Richmond?

The NTEE code E91I (Supporting Organizations) suggests Friends Of Carmel Richmond Inc exists to support another organization, likely Carmel Richmond. Its 990 filings consistently report $0 in program service expenses, indicating it does not directly run programs but rather provides financial or other support to its beneficiary.

How does the organization's revenue of $2,970,790 (latest available) reconcile with the annual filing revenues, which are much lower?

The 'Latest Revenue' of $2,970,790 likely refers to a different reporting period or a cumulative figure not directly comparable to the annual revenue figures from the individual 990 filings (e.g., $85,416 for 202303). Donors should seek clarification on this discrepancy to understand the organization's true scale of operations.

Given $0 in program expenses, how are the organization's funds ultimately used to achieve its mission?

Since the organization reports $0 in program service expenses, its funds are likely transferred to or used to benefit its supported organization. The 990 filings do not detail these transfers or the specific programmatic impact of the funds, which limits transparency on how donor contributions ultimately serve the mission.

Why did expenses significantly exceed revenue in the 202303 period ($185,162 expenses vs. $85,416 revenue)?

In the 202303 period, the organization experienced an operating deficit where expenses were more than double its revenue. While its substantial asset base ($3,386,254) can absorb such deficits, a recurring pattern could indicate unsustainable spending relative to its fundraising efforts.

Filing History

IRS 990 filing history for Friends Of Carmel Richmond Inc showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Friends Of Carmel Richmond Inc's revenue has grown by 5.3%, moving from $81K to $85K. Total assets increased by 36.4% over the same period, from $2.5M to $3.4M. Total functional expenses rose by 841.4%, from $20K to $185K. In its most recent filing year (2023), Friends Of Carmel Richmond Inc reported a deficit of $100K, with expenses exceeding revenue. The organization holds $5K in liabilities against $3.4M in assets (debt-to-asset ratio: 0.1%), resulting in net assets of $3.4M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$85K	$185K	$3.4M	$5K	—	View 990
2022	$159K	$159K	$3.7M	$4K	—	View 990
2021	$139K	$62K	$3.7M	$4K	—	View 990
2020	$210K	$41K	$3.1M	$6K	—	View 990
2019	$127K	$146K	$3.2M	$6K	—	View 990
2018	$76K	$40K	$3.1M	$8K	—	View 990
2017	$79K	$68K	$2.8M	$9K	—	View 990
2016	$59K	$37K	$2.7M	$4K	—	View 990
2015	$56K	$27K	$2.7M	$6K	—	View 990
2014	$58K	$122K	$2.6M	$8K	—	View 990
2013	$69K	$58K	$2.6M	$8K	—	View 990
2012	$60K	$32K	$2.5M	$5K	—	View 990
2011	$81K	$20K	$2.5M	$5K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $85K, expenses of $185K, and assets of $3.4M (revenue -46.4% year-over-year).
2022: Revenue of $159K, expenses of $159K, and assets of $3.7M (revenue +14.9% year-over-year).
2021: Revenue of $139K, expenses of $62K, and assets of $3.7M (revenue -33.8% year-over-year).
2020: Revenue of $210K, expenses of $41K, and assets of $3.1M (revenue +65.3% year-over-year).
2019: Revenue of $127K, expenses of $146K, and assets of $3.2M (revenue +66.1% year-over-year).
2018: Revenue of $76K, expenses of $40K, and assets of $3.1M (revenue -3.1% year-over-year).
2017: Revenue of $79K, expenses of $68K, and assets of $2.8M (revenue +34.3% year-over-year).
2016: Revenue of $59K, expenses of $37K, and assets of $2.7M (revenue +4.6% year-over-year).
2015: Revenue of $56K, expenses of $27K, and assets of $2.7M (revenue -3.1% year-over-year).
2014: Revenue of $58K, expenses of $122K, and assets of $2.6M (revenue -16.1% year-over-year).
2013: Revenue of $69K, expenses of $58K, and assets of $2.6M (revenue +14.1% year-over-year).
2012: Revenue of $60K, expenses of $32K, and assets of $2.5M (revenue -25.5% year-over-year).
2011: Revenue of $81K, expenses of $20K, and assets of $2.5M.

Data Sources and Methodology

This transparency report for Friends Of Carmel Richmond 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.