Herman Forbes Charitable Trust
Herman Forbes Charitable Trust's assets have declined by over $1.6 million in a decade due to consistent deficit spending.
EIN: 136814404 · Chicago, IL · NTEE: T22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $728K |
| Total Expenses | $481K |
| Program Spending | 90% |
| CEO/Top Officer Pay | $5 |
| Net Assets | $5.4M |
| Transparency Score | 70/100 |
Is Herman Forbes Charitable Trust Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Herman Forbes Charitable Trust directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Herman Forbes Charitable Trust
Herman Forbes Charitable Trust (EIN: 136814404) is a nonprofit organization based in Chicago, IL, classified under NTEE code T22. The organization reported total revenue of $728K and total assets of $5.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Herman Forbes Charitable Trust's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Herman Forbes Charitable Trust is a small nonprofit that has been operating for 3 years, with 9 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of -3.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $284K |
| Total Expenses | $481K |
| Surplus / Deficit | $-196,221 |
| Total Assets | $5.4M |
| Total Liabilities | $1 |
| Net Assets | $5.4M |
| Operating Margin | -69.0% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 136.0 months |
Financial Health Grade: B
In 2023, Herman Forbes Charitable Trust reported a deficit of $196K with expenses exceeding revenue, holds 136.0 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 9 years of filings (2012–2023), Herman Forbes Charitable Trust's revenue has declined at a compound annual growth rate (CAGR) of -3.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -8.8% | +60.4% | -3.5% |
| 2022 | -16.8% | -42.5% | +0.2% |
| 2021 | -12.7% | +7.8% | -1.9% |
| 2020 | +50.7% | -3.7% | -9.3% |
| 2016 | -24.4% | -0.9% | -3.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2023 |
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 Herman Forbes Charitable Trust with a Mission Score of 70 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: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Herman Forbes Charitable Trust allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. 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 deficit of $196K, 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 the organization's officers do not receive salaries, which is highly efficient for a trust of its size with assets over $5 million.
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 Herman Forbes Charitable Trust's IRS 990 filings:
- Consistent deficit spending (expenses exceeding revenue) in multiple periods, such as 2023 ($480,592 expenses vs. $284,371 revenue).
- Significant decline in total assets over the past decade, from $7,051,018 in 2012 to $5,445,548 in 2023.
Strengths
The following positive indicators were identified for Herman Forbes Charitable Trust:
- Excellent transparency with nine IRS 990 filings available.
- Zero officer compensation reported across all filings, indicating highly efficient executive management.
- Extremely low liabilities, consistently reported as $0 or $1, demonstrating sound debt management.
- Maintains a substantial asset base of over $5 million, providing a buffer despite recent declines.
Frequently Asked Questions about Herman Forbes Charitable Trust
Is Herman Forbes Charitable Trust a legitimate charity?
Herman Forbes Charitable Trust (EIN: 136814404) is a registered tax-exempt nonprofit based in Illinois. Our AI analysis gives it a Mission Score of 70/100. It has 9 years of IRS 990 filings on record. Total revenue: $728K. 2 red flags identified. 4 strengths noted. Financial health grade: B.
How does Herman Forbes Charitable Trust spend its money?
Herman Forbes Charitable Trust directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Herman Forbes Charitable Trust tax-deductible?
Herman Forbes Charitable Trust is registered as a tax-exempt nonprofit (EIN: 136814404). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Herman Forbes Charitable Trust CEO make?
Herman Forbes Charitable Trust's highest-compensated officer earns $5 annually. The organization reported $728K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
How does Herman Forbes Charitable Trust compare to similar nonprofits?
With a transparency score of 70/100 (Good), Herman Forbes Charitable Trust 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 Herman Forbes Charitable Trust located?
Herman Forbes Charitable Trust is headquartered in Chicago, Illinois and files with the IRS under EIN 136814404. It is classified under NTEE code T22.
How many years of IRS 990 filings does Herman Forbes Charitable Trust have?
Herman Forbes Charitable Trust has 9 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 $728K in total revenue.
Is Herman Forbes Charitable Trust financially sustainable?
The trust's financial sustainability is questionable given the consistent trend of expenses exceeding revenue in most reported periods, leading to a significant decline in assets from $7,051,018 in 2012 to $5,445,548 in 2023.
What is the primary reason for the decline in assets?
The primary reason for the decline in assets is that expenses have frequently outpaced revenue. For example, in 2023, expenses were $480,592 while revenue was only $284,371.
How does the organization manage executive compensation?
The organization reports 0% officer compensation in all available filings, indicating a highly efficient approach to executive pay.
What is the organization's liability situation?
The organization consistently reports minimal liabilities, typically $0 or $1, indicating strong management of its financial obligations.
Filing History
IRS 990 filing history for Herman Forbes Charitable Trust showing financial trends over 9 years of public records:
Over 9 years of IRS 990 filings (2012–2023), Herman Forbes Charitable Trust's revenue has declined by 29.5%, moving from $403K to $284K. Total assets decreased by 22.8% over the same period, from $7.1M to $5.4M. Total functional expenses fell by 0.7%, from $484K to $481K. In its most recent filing year (2023), Herman Forbes Charitable Trust reported a deficit of $196K, with expenses exceeding revenue. The organization holds $1 in liabilities against $5.4M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $5.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $284K | $481K | $5.4M | $1 | — | View 990 |
| 2022 | $312K | $300K | $5.6M | $1 | — | View 990 |
| 2021 | $375K | $521K | $5.6M | $1 | — | View 990 |
| 2020 | $429K | $483K | $5.7M | $1 | — | View 990 |
| 2016 | $285K | $501K | $6.3M | $0 | — | View 990 |
| 2015 | $377K | $506K | $6.5M | $0 | — | View 990 |
| 2014 | $334K | $478K | $6.7M | $0 | — | View 990 |
| 2013 | $233K | $476K | $6.8M | $0 | — | View 990 |
| 2012 | $403K | $484K | $7.1M | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $284K, expenses of $481K, and assets of $5.4M (revenue -8.8% year-over-year).
- 2022: Revenue of $312K, expenses of $300K, and assets of $5.6M (revenue -16.8% year-over-year).
- 2021: Revenue of $375K, expenses of $521K, and assets of $5.6M (revenue -12.7% year-over-year).
- 2020: Revenue of $429K, expenses of $483K, and assets of $5.7M (revenue +50.7% year-over-year).
- 2016: Revenue of $285K, expenses of $501K, and assets of $6.3M (revenue -24.4% year-over-year).
- 2015: Revenue of $377K, expenses of $506K, and assets of $6.5M (revenue +12.9% year-over-year).
- 2014: Revenue of $334K, expenses of $478K, and assets of $6.7M (revenue +43.1% year-over-year).
- 2013: Revenue of $233K, expenses of $476K, and assets of $6.8M (revenue -42.2% year-over-year).
- 2012: Revenue of $403K, expenses of $484K, and assets of $7.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Herman Forbes Charitable Trust:
Data Sources and Methodology
This transparency report for Herman Forbes Charitable Trust 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.