Hermon Elderly Project
Hermon Elderly Project faces persistent operating deficits and declining assets, raising long-term sustainability concerns.
EIN: 10367846 · Bangor, ME · NTEE: P81Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $171K |
| Total Expenses | $227K |
| Program Spending | 70% |
| Net Assets | $-369,251 |
| Transparency Score | 45/100 |
Is Hermon Elderly Project Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Hermon Elderly Project directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Hermon Elderly Project
Hermon Elderly Project (EIN: 10367846) is a nonprofit organization based in Bangor, ME, classified under NTEE code P81Z. The organization reported total revenue of $171K and total assets of $751K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Hermon Elderly Project's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Hermon Elderly Project is a small nonprofit that has been operating for 43 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -1.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $168K |
| Total Expenses | $227K |
| Surplus / Deficit | $-58,997 |
| Total Assets | $786K |
| Total Liabilities | $1.2M |
| Net Assets | $-369,251 |
| Operating Margin | -35.1% |
| Debt-to-Asset Ratio | 147.0% |
| Months of Reserves | 41.6 months |
Financial Health Grade: C
In 2023, Hermon Elderly Project reported a deficit of $59K with expenses exceeding revenue, holds 41.6 months of operating reserves (strong position), has a debt-to-asset ratio of 147.0% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Hermon Elderly Project's revenue has declined at a compound annual growth rate (CAGR) of -1.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +2.2% | +7.9% | -6.5% |
| 2022 | +3.8% | +0.0% | -4.8% |
| 2021 | +4.4% | +0.7% | -5.5% |
| 2020 | +3.0% | +3.6% | -4.9% |
| 2019 | +2.8% | -1.9% | -4.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1983 |
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 Hermon Elderly Project with a Mission Score of 45 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Hermon Elderly Project 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 $59K, with expenses exceeding revenue.
- Debt-to-asset ratio: 147.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that officers are not compensated, which is a positive sign for minimizing administrative overhead.
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 Hermon Elderly Project's IRS 990 filings:
- Persistent operating deficits (e.g., $59,000 deficit in 2023)
- Declining assets over time (from $1.14M in 2016 to $785K in 2023)
- Increasing liabilities (from $607K in 2015 to $1.15M in 2023)
- High liabilities relative to assets ($1.15M liabilities vs. $785K assets in 2023)
- Revenue growth not keeping pace with expense growth
Strengths
The following positive indicators were identified for Hermon Elderly Project:
- No reported officer compensation, indicating volunteer leadership or very lean executive costs
- Long filing history (13 filings) suggests consistent reporting
Frequently Asked Questions about Hermon Elderly Project
Is Hermon Elderly Project a legitimate charity?
Based on AI analysis of IRS 990 filings, Hermon Elderly Project (EIN: 10367846) significant concerns. Mission Score: 45/100. 5 red flags identified, 2 strengths noted.
How does Hermon Elderly Project spend its money?
Hermon Elderly Project directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Hermon Elderly Project tax-deductible?
Hermon Elderly Project is registered as a tax-exempt nonprofit (EIN: 10367846). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Hermon Elderly Project's spending goes to programs?
Hermon Elderly Project directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
How does Hermon Elderly Project compare to similar nonprofits?
With a transparency score of 45/100 (Fair), Hermon Elderly Project is near average for NTEE category P81Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Hermon Elderly Project located?
Hermon Elderly Project is headquartered in Bangor, Maine and files with the IRS under EIN 10367846. It is classified under NTEE code P81Z.
How many years of IRS 990 filings does Hermon Elderly Project have?
Hermon Elderly Project 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 $171K in total revenue.
Is Hermon Elderly Project financially sustainable?
Based on the consistent operating deficits (e.g., $226,887 expenses vs. $167,890 revenue in 2023) and declining assets coupled with increasing liabilities, the organization's current financial model appears unsustainable in the long term.
What is causing the persistent operating deficits?
The provided data does not offer a detailed breakdown of expenses beyond total revenue and expenses. Further investigation into program costs, administrative overhead, and fundraising expenses would be necessary to pinpoint the exact causes of the deficits.
How does the organization plan to address its increasing liabilities?
Liabilities have grown from $607,947 in 2015 to $1,155,193 in 2023. The filings do not provide a strategic plan for addressing this significant debt burden, which is a critical concern for the organization's solvency.
Filing History
IRS 990 filing history for Hermon Elderly Project showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Hermon Elderly Project's revenue has declined by 12.1%, moving from $191K to $168K. Total assets increased by 8.6% over the same period, from $724K to $786K. Total functional expenses rose by 21.7%, from $187K to $227K. In its most recent filing year (2023), Hermon Elderly Project reported a deficit of $59K, with expenses exceeding revenue. The organization holds $1.2M in liabilities against $786K in assets (debt-to-asset ratio: 147.0%), resulting in net assets of $-369,251.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $168K | $227K | $786K | $1.2M | — | — |
| 2022 | $164K | $210K | $841K | $1.2M | — | View 990 |
| 2021 | $158K | $210K | $884K | $1.1M | — | View 990 |
| 2020 | $151K | $209K | $935K | $1.1M | — | View 990 |
| 2019 | $147K | $201K | $984K | $1.1M | — | View 990 |
| 2018 | $143K | $205K | $1.0M | $1.1M | — | View 990 |
| 2017 | $143K | $204K | $1.1M | $1.1M | — | View 990 |
| 2016 | $156K | $188K | $1.1M | $1.1M | — | View 990 |
| 2015 | $133K | $162K | $662K | $608K | — | View 990 |
| 2014 | $136K | $156K | $689K | $606K | — | View 990 |
| 2013 | $195K | $204K | $722K | $607K | — | View 990 |
| 2012 | $189K | $196K | $723K | $599K | — | View 990 |
| 2011 | $191K | $187K | $724K | $593K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $168K, expenses of $227K, and assets of $786K (revenue +2.2% year-over-year).
- 2022: Revenue of $164K, expenses of $210K, and assets of $841K (revenue +3.8% year-over-year).
- 2021: Revenue of $158K, expenses of $210K, and assets of $884K (revenue +4.4% year-over-year).
- 2020: Revenue of $151K, expenses of $209K, and assets of $935K (revenue +3.0% year-over-year).
- 2019: Revenue of $147K, expenses of $201K, and assets of $984K (revenue +2.8% year-over-year).
- 2018: Revenue of $143K, expenses of $205K, and assets of $1.0M (revenue +0.2% year-over-year).
- 2017: Revenue of $143K, expenses of $204K, and assets of $1.1M (revenue -8.5% year-over-year).
- 2016: Revenue of $156K, expenses of $188K, and assets of $1.1M (revenue +17.1% year-over-year).
- 2015: Revenue of $133K, expenses of $162K, and assets of $662K (revenue -1.6% year-over-year).
- 2014: Revenue of $136K, expenses of $156K, and assets of $689K (revenue -30.5% year-over-year).
- 2013: Revenue of $195K, expenses of $204K, and assets of $722K (revenue +3.4% year-over-year).
- 2012: Revenue of $189K, expenses of $196K, and assets of $723K (revenue -1.2% year-over-year).
- 2011: Revenue of $191K, expenses of $187K, and assets of $724K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Hermon Elderly Project:
Data Sources and Methodology
This transparency report for Hermon Elderly Project 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.