Fsg Inc
FSG Inc. faces declining revenue and consistent deficit spending in recent years.
EIN: 202776974 · Boston, MA · NTEE: S05 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $14.1M |
| Total Expenses | $21.8M |
| Program Spending | 70% |
| Net Assets | $9.7M |
| Transparency Score | 75/100 |
Is Fsg Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Fsg Inc directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Fsg Inc
Fsg Inc (EIN: 202776974) is a nonprofit organization based in Boston, MA, classified under NTEE code S05. The organization reported total revenue of $14.1M and total assets of $10.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Fsg Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Fsg Inc is a large nonprofit that has been operating for 20 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -0.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $15.3M |
| Total Expenses | $21.8M |
| Surplus / Deficit | $-6,473,946 |
| Total Assets | $13.6M |
| Total Liabilities | $3.9M |
| Net Assets | $9.7M |
| Operating Margin | -42.2% |
| Debt-to-Asset Ratio | 28.8% |
| Months of Reserves | 7.5 months |
Financial Health Grade: B
In 2023, Fsg Inc reported a deficit of $6.5M with expenses exceeding revenue, holds 7.5 months of operating reserves (strong position), has a debt-to-asset ratio of 28.8% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Fsg Inc's revenue has declined at a compound annual growth rate (CAGR) of -0.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -29.1% | -8.5% | -45.4% |
| 2022 | -28.4% | +7.9% | +1.4% |
| 2021 | +23.8% | -0.9% | +38.2% |
| 2020 | +7.5% | -11.5% | +27.2% |
| 2019 | -16.2% | -4.7% | -14.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2006 |
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 Fsg 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Fsg Inc allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $6.5M, with expenses exceeding revenue.
- Debt-to-asset ratio: 28.8%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers received compensation from the organization. This is a strong positive for financial efficiency and transparency, especially for an organization with revenues that have historically been in the tens of millions.
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 Fsg Inc's IRS 990 filings:
- Significant revenue decline from $30.2M in 2021 to $15.3M in 2023.
- Consistent deficit spending, with expenses exceeding revenue in multiple recent years (e.g., $21.8M expenses vs. $15.3M revenue in 2023).
- Assets decreased from $24.8M in 2022 to $13.5M in 2023, indicating a substantial reduction in financial reserves.
Strengths
The following positive indicators were identified for Fsg Inc:
- Consistent reporting of 0% officer compensation across all filings, indicating strong financial transparency and a focus on mission.
- Historically high revenue levels, demonstrating the organization's capacity to attract significant funding in previous years.
Frequently Asked Questions about Fsg Inc
Is Fsg Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Fsg Inc (EIN: 202776974) some concerns. Mission Score: 75/100. 3 red flags identified, 2 strengths noted.
How does Fsg Inc spend its money?
Fsg Inc directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Fsg Inc tax-deductible?
Fsg Inc is registered as a tax-exempt nonprofit (EIN: 202776974). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Fsg Inc's spending goes to programs?
Fsg Inc directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
How does Fsg Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Fsg Inc is above average for NTEE category S05 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Fsg Inc located?
Fsg Inc is headquartered in Boston, Massachusetts and files with the IRS under EIN 202776974. It is classified under NTEE code S05.
How many years of IRS 990 filings does Fsg Inc have?
Fsg 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 $14.1M in total revenue.
What is the cause of the significant revenue decline from $30,240,317 in 2021 to $15,348,424 in 2023?
The provided data does not specify the reasons for the revenue decline, but it is a critical area for further investigation to understand the organization's financial stability.
How does FSG Inc. plan to address the consistent deficit spending, such as the $6,473,946 deficit in 2023?
The filings indicate a pattern where expenses frequently exceed revenue. Without further information, it's unclear what strategies are in place to achieve financial equilibrium.
What is the detailed breakdown of program, administrative, and fundraising expenses for the latest fiscal year?
The provided IRS 990 summary data does not offer a granular breakdown of expenses, which is necessary for a precise assessment of spending efficiency.
Filing History
IRS 990 filing history for Fsg Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Fsg Inc's revenue has declined by 4.7%, moving from $16.1M to $15.3M. Total assets increased by 99% over the same period, from $6.8M to $13.6M. Total functional expenses rose by 40.9%, from $15.5M to $21.8M. In its most recent filing year (2023), Fsg Inc reported a deficit of $6.5M, with expenses exceeding revenue. The organization holds $3.9M in liabilities against $13.6M in assets (debt-to-asset ratio: 28.8%), resulting in net assets of $9.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $15.3M | $21.8M | $13.6M | $3.9M | — | — |
| 2022 | $21.6M | $23.8M | $24.8M | $8.7M | — | — |
| 2021 | $30.2M | $22.1M | $24.5M | $5.2M | — | View 990 |
| 2020 | $24.4M | $22.3M | $17.7M | $6.5M | — | View 990 |
| 2019 | $22.7M | $25.2M | $13.9M | $4.9M | — | View 990 |
| 2018 | $27.1M | $26.4M | $16.2M | $4.7M | — | View 990 |
| 2017 | $29.3M | $28.6M | $15.6M | $4.7M | — | View 990 |
| 2016 | $30.4M | $28.7M | $15.6M | $5.8M | — | View 990 |
| 2015 | $29.3M | $28.8M | $12.6M | $4.9M | — | View 990 |
| 2014 | $26.2M | $26.1M | $11.7M | $4.4M | — | View 990 |
| 2013 | $23.8M | $22.7M | $11.1M | $3.9M | — | View 990 |
| 2012 | $20.8M | $19.2M | $9.5M | $3.5M | — | View 990 |
| 2011 | $16.1M | $15.5M | $6.8M | $2.4M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $15.3M, expenses of $21.8M, and assets of $13.6M (revenue -29.1% year-over-year).
- 2022: Revenue of $21.6M, expenses of $23.8M, and assets of $24.8M (revenue -28.4% year-over-year).
- 2021: Revenue of $30.2M, expenses of $22.1M, and assets of $24.5M (revenue +23.8% year-over-year).
- 2020: Revenue of $24.4M, expenses of $22.3M, and assets of $17.7M (revenue +7.5% year-over-year).
- 2019: Revenue of $22.7M, expenses of $25.2M, and assets of $13.9M (revenue -16.2% year-over-year).
- 2018: Revenue of $27.1M, expenses of $26.4M, and assets of $16.2M (revenue -7.5% year-over-year).
- 2017: Revenue of $29.3M, expenses of $28.6M, and assets of $15.6M (revenue -3.7% year-over-year).
- 2016: Revenue of $30.4M, expenses of $28.7M, and assets of $15.6M (revenue +4.0% year-over-year).
- 2015: Revenue of $29.3M, expenses of $28.8M, and assets of $12.6M (revenue +11.8% year-over-year).
- 2014: Revenue of $26.2M, expenses of $26.1M, and assets of $11.7M (revenue +9.8% year-over-year).
- 2013: Revenue of $23.8M, expenses of $22.7M, and assets of $11.1M (revenue +14.8% year-over-year).
- 2012: Revenue of $20.8M, expenses of $19.2M, and assets of $9.5M (revenue +28.9% year-over-year).
- 2011: Revenue of $16.1M, expenses of $15.5M, and assets of $6.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Fsg Inc:
Data Sources and Methodology
This transparency report for Fsg 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.