Goodrich Foundation Inc
Goodrich Foundation Inc. faces consistent operating deficits despite substantial assets and unpaid officers.
EIN: 134036967 · New Milford, CT · NTEE: T22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $23K |
| Total Expenses | $18K |
| Program Spending | 70% |
| Net Assets | $492K |
| Transparency Score | 65/100 |
Is Goodrich Foundation Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Goodrich Foundation Inc directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Goodrich Foundation Inc
Goodrich Foundation Inc (EIN: 134036967) is a nonprofit organization based in New Milford, CT, classified under NTEE code T22. The organization reported total revenue of $23K and total assets of $468K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Goodrich Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Goodrich Foundation Inc is a micro nonprofit that has been operating for 26 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -5.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $8K |
| Total Expenses | $18K |
| Surplus / Deficit | $-10,640 |
| Total Assets | $492K |
| Total Liabilities | $1 |
| Net Assets | $492K |
| Operating Margin | -137.4% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 321.1 months |
Financial Health Grade: B
In 2023, Goodrich Foundation Inc reported a deficit of $11K with expenses exceeding revenue, holds 321.1 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Goodrich Foundation Inc's revenue has declined at a compound annual growth rate (CAGR) of -5.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +3357.1% | -17.1% | -2.1% |
| 2022 | -99.9% | +14.9% | -4.2% |
| 2021 | +1688.9% | +1.6% | +211.6% |
| 2020 | +2.3% | +-0.0% | +1.2% |
| 2019 | -51.8% | +1024.1% | -20.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2000 |
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 Goodrich Foundation Inc with a Mission Score of 65 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, Goodrich Foundation 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 $11K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that officers are not directly compensated from the organization's funds, which is a positive sign for donor confidence and resource allocation.
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 Goodrich Foundation Inc's IRS 990 filings:
- Consistent operating deficits in recent years (e.g., 2023, 2022)
- Highly volatile revenue streams, making financial planning challenging
- Lack of detailed expense breakdown in provided data to assess program efficiency
Strengths
The following positive indicators were identified for Goodrich Foundation Inc:
- Strong asset base ($468,173 latest assets)
- No reported officer compensation, indicating volunteer leadership or external funding for salaries
- Minimal liabilities ($1 in recent filings) suggesting good debt management
Frequently Asked Questions about Goodrich Foundation Inc
Is Goodrich Foundation Inc a legitimate charity?
Goodrich Foundation Inc (EIN: 134036967) is a registered tax-exempt nonprofit based in Connecticut. Our AI analysis gives it a Mission Score of 65/100. It has 10 years of IRS 990 filings on record. Total revenue: $23K. 3 red flags identified. 3 strengths noted. Financial health grade: B.
How does Goodrich Foundation Inc spend its money?
Goodrich Foundation Inc directs 70% of its spending to programs and services. Fundraising costs 10%. This meets the 65% industry benchmark.
Are donations to Goodrich Foundation Inc tax-deductible?
Goodrich Foundation Inc is registered as a tax-exempt nonprofit (EIN: 134036967). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Goodrich Foundation Inc's spending goes to programs?
Goodrich Foundation Inc directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
How does Goodrich Foundation Inc compare to similar nonprofits?
With a transparency score of 65/100 (Good), Goodrich Foundation Inc is above average for NTEE category T22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Goodrich Foundation Inc located?
Goodrich Foundation Inc is headquartered in New Milford, Connecticut and files with the IRS under EIN 134036967. It is classified under NTEE code T22.
How many years of IRS 990 filings does Goodrich Foundation Inc have?
Goodrich Foundation Inc has 10 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 $23K in total revenue.
Is Goodrich Foundation Inc. financially sustainable?
The foundation's financial sustainability is questionable given that expenses have consistently exceeded revenue in recent years (e.g., $18,384 expenses vs. $7,744 revenue in 2023, and $22,167 expenses vs. $224 revenue in 2022). This trend suggests a reliance on existing assets rather than consistent operational income.
How does Goodrich Foundation Inc. allocate its expenses?
Without a detailed breakdown of expenses into program, administrative, and fundraising categories in the provided data, it is difficult to precisely determine the allocation. However, the overall spending efficiency is a concern due to the operating deficits.
What is the purpose of the significant revenue spike in 2021?
The revenue spike to $375,544 in 2021 is an outlier compared to other years. Understanding the source and nature of this revenue (e.g., a large grant, endowment contribution, or asset sale) would be crucial for assessing the organization's long-term funding model.
Filing History
IRS 990 filing history for Goodrich Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Goodrich Foundation Inc's revenue has declined by 48.5%, moving from $15K to $8K. Total assets increased by 155.1% over the same period, from $193K to $492K. Total functional expenses rose by 245.6%, from $5K to $18K. In its most recent filing year (2023), Goodrich Foundation Inc reported a deficit of $11K, with expenses exceeding revenue. The organization holds $1 in liabilities against $492K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $492K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $8K | $18K | $492K | $1 | — | — |
| 2022 | $224 | $22K | $503K | $1 | — | View 990 |
| 2021 | $376K | $19K | $525K | $1 | — | View 990 |
| 2020 | $21K | $19K | $168K | $1 | — | — |
| 2019 | $21K | $19K | $166K | $1 | — | — |
| 2015 | $43K | $2K | $208K | $1 | — | View 990 |
| 2014 | $6K | $2K | $167K | $1 | — | View 990 |
| 2013 | $17K | $45K | $162K | $1 | — | View 990 |
| 2012 | $8K | $11K | $191K | $394 | — | View 990 |
| 2011 | $15K | $5K | $193K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $8K, expenses of $18K, and assets of $492K (revenue +3357.1% year-over-year).
- 2022: Revenue of $224, expenses of $22K, and assets of $503K (revenue -99.9% year-over-year).
- 2021: Revenue of $376K, expenses of $19K, and assets of $525K (revenue +1688.9% year-over-year).
- 2020: Revenue of $21K, expenses of $19K, and assets of $168K (revenue +2.3% year-over-year).
- 2019: Revenue of $21K, expenses of $19K, and assets of $166K (revenue -51.8% year-over-year).
- 2015: Revenue of $43K, expenses of $2K, and assets of $208K (revenue +570.5% year-over-year).
- 2014: Revenue of $6K, expenses of $2K, and assets of $167K (revenue -62.4% year-over-year).
- 2013: Revenue of $17K, expenses of $45K, and assets of $162K (revenue +98.9% year-over-year).
- 2012: Revenue of $8K, expenses of $11K, and assets of $191K (revenue -43.6% year-over-year).
- 2011: Revenue of $15K, expenses of $5K, and assets of $193K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Goodrich Foundation Inc:
Data Sources and Methodology
This transparency report for Goodrich Foundation 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.