Hanac Inc
Hanac Inc. shows consistent revenue growth and strong asset accumulation with no reported officer compensation.
EIN: 112290832 · Astoria, NY · NTEE: R20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $20.1M |
| Total Expenses | $18.1M |
| Program Spending | 90% |
| CEO/Top Officer Pay | $20M |
| Net Assets | $11.2M |
| Transparency Score | 92/100 |
Is Hanac Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Hanac Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Hanac Inc
Hanac Inc (EIN: 112290832) is a nonprofit organization based in Astoria, NY, classified under NTEE code R20. The organization reported total revenue of $20.1M and total assets of $30.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Hanac Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Hanac Inc is a large nonprofit that has been operating for 52 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 2.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $18.7M |
| Total Expenses | $18.1M |
| Surplus / Deficit | +$618K |
| Total Assets | $29.1M |
| Total Liabilities | $17.9M |
| Net Assets | $11.2M |
| Operating Margin | 3.3% |
| Debt-to-Asset Ratio | 61.4% |
| Months of Reserves | 19.3 months |
Financial Health Grade: A
In 2023, Hanac Inc reported a surplus of $618K with revenue exceeding expenses, holds 19.3 months of operating reserves (strong position), has a debt-to-asset ratio of 61.4% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Hanac Inc's revenue has grown at a compound annual growth rate (CAGR) of 2.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -8.3% | +10.0% | +3.4% |
| 2022 | +46.4% | +9.5% | +13.0% |
| 2021 | +2.0% | +14.1% | -0.5% |
| 2020 | -9.6% | -8.5% | +8.4% |
| 2019 | +6.2% | +3.6% | +0.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1974 |
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 Hanac Inc with a Mission Score of 92 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 7%
- programs: 90%
- fundraising: 3%
According to IRS 990 filings, Hanac Inc allocates its expenses as follows: admin: 7%, programs: 90%, fundraising: 3%. With 90% 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 surplus of $618K, with revenue exceeding expenses.
- Debt-to-asset ratio: 61.4%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, which is highly unusual for an organization of Hanac Inc.'s size ($20M+ revenue, $30M+ assets) and suggests either pro-bono leadership or compensation is categorized differently, warranting further investigation for full clarity.
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 Hanac Inc's IRS 990 filings:
- Unusually low (0%) reported officer compensation, which may warrant further inquiry into how leadership is compensated or if it's truly pro-bono.
Strengths
The following positive indicators were identified for Hanac Inc:
- Consistent revenue growth, nearly doubling over the past decade.
- Strong asset accumulation, growing from $19.3M to $30.6M.
- Expenses generally below revenue, indicating sound financial management and surpluses.
- Excellent transparency regarding executive compensation with 0% reported.
- Long and consistent IRS 990 filing history (13 filings) demonstrating good governance.
Frequently Asked Questions about Hanac Inc
Is Hanac Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Hanac Inc (EIN: 112290832) some concerns. Mission Score: 92/100. 1 red flag identified, 5 strengths noted.
How does Hanac Inc spend its money?
Hanac Inc directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Hanac Inc tax-deductible?
Hanac Inc is registered as a tax-exempt nonprofit (EIN: 112290832). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Hanac Inc CEO make?
Hanac Inc's highest-compensated officer earns $20M annually. The organization reported $20.1M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Hanac Inc's spending goes to programs?
Hanac Inc directs 90% to programs, 3% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Hanac Inc compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Hanac Inc is above average for NTEE category R20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Hanac Inc located?
Hanac Inc is headquartered in Astoria, New York and files with the IRS under EIN 112290832. It is classified under NTEE code R20.
How many years of IRS 990 filings does Hanac Inc have?
Hanac 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 $20.1M in total revenue.
Is Hanac Inc. a good charity?
Based on the available data, Hanac Inc. appears to be a well-managed charity with strong financial health, consistent growth, and excellent transparency regarding executive compensation (0% reported). Its consistent surpluses and asset growth suggest effective financial stewardship.
How has Hanac Inc.'s financial health changed over time?
Hanac Inc. has shown consistent financial growth and stability. Revenue has nearly doubled from $10,116,841 in 2014 to $20,136,706 currently, and assets have grown from $19,380,597 to $30,634,311 over the same period. Expenses have generally remained below revenue, leading to healthy surpluses and asset accumulation.
What is the significance of 0% officer compensation?
The 0% officer compensation reported across all filings is highly significant. It indicates that no salaries or other compensation were paid to officers, directors, trustees, or key employees, which is exceptional for an organization of this scale. This suggests a very high proportion of funds are available for program services, though it might also imply pro-bono leadership or compensation being reported under different categories.
Filing History
IRS 990 filing history for Hanac Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Hanac Inc's revenue has grown by 40.9%, moving from $13.3M to $18.7M. Total assets increased by 78.7% over the same period, from $16.3M to $29.1M. Total functional expenses rose by 36.6%, from $13.2M to $18.1M. In its most recent filing year (2023), Hanac Inc reported a surplus of $618K, with revenue exceeding expenses. The organization holds $17.9M in liabilities against $29.1M in assets (debt-to-asset ratio: 61.4%), resulting in net assets of $11.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $18.7M | $18.1M | $29.1M | $17.9M | — | View 990 |
| 2022 | $20.4M | $16.4M | $28.1M | $17.5M | — | View 990 |
| 2021 | $13.9M | $15.0M | $24.9M | $18.2M | — | View 990 |
| 2020 | $13.6M | $13.1M | $25.0M | $17.3M | — | View 990 |
| 2019 | $15.1M | $14.4M | $23.1M | $15.9M | — | View 990 |
| 2018 | $14.2M | $13.9M | $22.9M | $16.5M | — | View 990 |
| 2017 | $14.5M | $13.0M | $21.3M | $15.3M | — | View 990 |
| 2016 | $11.7M | $12.3M | $21.0M | $16.5M | — | View 990 |
| 2015 | $11.2M | $11.6M | $20.5M | $15.5M | — | View 990 |
| 2014 | $10.1M | $9.9M | $19.4M | $13.9M | — | View 990 |
| 2013 | $11.9M | $11.2M | $19.3M | $14.0M | — | View 990 |
| 2012 | $16.7M | $16.3M | $19.1M | $13.1M | — | View 990 |
| 2011 | $13.3M | $13.2M | $16.3M | $10.6M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $18.7M, expenses of $18.1M, and assets of $29.1M (revenue -8.3% year-over-year).
- 2022: Revenue of $20.4M, expenses of $16.4M, and assets of $28.1M (revenue +46.4% year-over-year).
- 2021: Revenue of $13.9M, expenses of $15.0M, and assets of $24.9M (revenue +2.0% year-over-year).
- 2020: Revenue of $13.6M, expenses of $13.1M, and assets of $25.0M (revenue -9.6% year-over-year).
- 2019: Revenue of $15.1M, expenses of $14.4M, and assets of $23.1M (revenue +6.2% year-over-year).
- 2018: Revenue of $14.2M, expenses of $13.9M, and assets of $22.9M (revenue -2.1% year-over-year).
- 2017: Revenue of $14.5M, expenses of $13.0M, and assets of $21.3M (revenue +24.0% year-over-year).
- 2016: Revenue of $11.7M, expenses of $12.3M, and assets of $21.0M (revenue +4.9% year-over-year).
- 2015: Revenue of $11.2M, expenses of $11.6M, and assets of $20.5M (revenue +10.4% year-over-year).
- 2014: Revenue of $10.1M, expenses of $9.9M, and assets of $19.4M (revenue -14.7% year-over-year).
- 2013: Revenue of $11.9M, expenses of $11.2M, and assets of $19.3M (revenue -28.9% year-over-year).
- 2012: Revenue of $16.7M, expenses of $16.3M, and assets of $19.1M (revenue +25.8% year-over-year).
- 2011: Revenue of $13.3M, expenses of $13.2M, and assets of $16.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Hanac Inc:
Data Sources and Methodology
This transparency report for Hanac 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.