Higher Education Assistance Foundation
Higher Education Assistance Foundation consistently spends more than it earns, drawing down assets.
EIN: 10265587 · Westbrook, ME · NTEE: T20Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $9K |
| Total Expenses | $12K |
| Program Spending | 70% |
| Net Assets | $266K |
| Transparency Score | 60/100 |
Is Higher Education Assistance Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Higher Education Assistance Foundation directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Higher Education Assistance Foundation
Higher Education Assistance Foundation (EIN: 10265587) is a nonprofit organization based in Westbrook, ME, classified under NTEE code T20Z. The organization reported total revenue of $9K and total assets of $249K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Higher Education Assistance Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Higher Education Assistance Foundation is a micro nonprofit that has been operating for 68 years, with 10 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 | $5K |
| Total Expenses | $12K |
| Surplus / Deficit | $-6,914 |
| Total Assets | $266K |
| Total Liabilities | $1 |
| Net Assets | $266K |
| Operating Margin | -145.3% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 273.7 months |
Financial Health Grade: B
In 2023, Higher Education Assistance Foundation reported a deficit of $7K with expenses exceeding revenue, holds 273.7 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), Higher Education Assistance Foundation's revenue has declined at a compound annual growth rate (CAGR) of -2.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +38.2% | -20.5% | -2.5% |
| 2022 | -39.9% | -8.1% | -4.0% |
| 2021 | -42.4% | -0.7% | -3.5% |
| 2020 | -40.1% | -5.4% | -2.0% |
| 2019 | -15.0% | -7.5% | +21.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1958 |
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 Higher Education Assistance Foundation with a Mission Score of 60 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, Higher Education Assistance Foundation 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 $7K, 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 no officers are receiving salaries from the organization, which is highly unusual for an organization of any size and suggests volunteer leadership or compensation is covered by another entity.
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 Higher Education Assistance Foundation's IRS 990 filings:
- Consistent operational deficits (e.g., $4,757 revenue vs. $11,671 expenses in 202309)
- Declining asset base over recent years (from $300,758 in 201909 to $266,207 in 202309)
- Revenue has decreased significantly from a high of $19,505 in 201509 to $4,757 in 202309
Strengths
The following positive indicators were identified for Higher Education Assistance Foundation:
- Extremely low liabilities ($1 consistently reported)
- No officer compensation reported, indicating volunteer leadership or efficient overhead in this area
- Consistent IRS 990 filing history, demonstrating transparency
- Assets significantly outweigh liabilities ($266,207 assets vs. $1 liability in 202309)
Frequently Asked Questions about Higher Education Assistance Foundation
Is Higher Education Assistance Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Higher Education Assistance Foundation (EIN: 10265587) some concerns. Mission Score: 60/100. 3 red flags identified, 4 strengths noted.
How does Higher Education Assistance Foundation spend its money?
Higher Education Assistance Foundation directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Higher Education Assistance Foundation tax-deductible?
Higher Education Assistance Foundation is registered as a tax-exempt nonprofit (EIN: 10265587). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Higher Education Assistance Foundation's spending goes to programs?
Higher Education Assistance Foundation directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
How does Higher Education Assistance Foundation compare to similar nonprofits?
With a transparency score of 60/100 (Good), Higher Education Assistance Foundation is above average for NTEE category T20Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Higher Education Assistance Foundation located?
Higher Education Assistance Foundation is headquartered in Westbrook, Maine and files with the IRS under EIN 10265587. It is classified under NTEE code T20Z.
How many years of IRS 990 filings does Higher Education Assistance Foundation have?
Higher Education Assistance Foundation 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 $9K in total revenue.
Is Higher Education Assistance Foundation a good charity?
The organization demonstrates a commitment to its mission by not paying officer compensation. However, its consistent operational deficits (e.g., $4,757 revenue vs. $11,671 expenses in 202309) raise concerns about long-term financial sustainability. Without detailed expense breakdowns, it's hard to fully assess program efficiency.
Why are expenses consistently higher than revenue?
The provided data shows a consistent pattern where expenses exceed revenue in most recent periods (e.g., 202309, 202209, 202109). This suggests the organization is either utilizing reserves, experiencing declining funding, or has increased operational costs without a corresponding increase in income.
What is the trend in the organization's assets?
The organization's assets have been on a declining trend in recent years, from $300,758 in 201909 to $266,207 in 202309, indicating that the operational deficits are being covered by drawing down its reserves.
How does the organization manage to operate with 0% officer compensation?
Reporting 0% officer compensation suggests that the organization's leadership is entirely volunteer-based or that compensation for officers is covered by an affiliated entity, which is not uncommon for very small or specialized foundations.
What is the organization's financial stability given its liabilities?
The organization has excellent financial stability in terms of liabilities, consistently reporting only $1 in liabilities across most recent filings. This indicates a very low debt burden and strong asset protection, despite the operational deficits.
Filing History
IRS 990 filing history for Higher Education Assistance Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Higher Education Assistance Foundation's revenue has declined by 29.4%, moving from $7K to $5K. Total assets increased by 8.5% over the same period, from $245K to $266K. Total functional expenses fell by 0.5%, from $12K to $12K. In its most recent filing year (2023), Higher Education Assistance Foundation reported a deficit of $7K, with expenses exceeding revenue. The organization holds $1 in liabilities against $266K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $266K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $5K | $12K | $266K | $1 | — | View 990 |
| 2022 | $3K | $15K | $273K | $1 | — | View 990 |
| 2021 | $6K | $16K | $284K | $1 | — | View 990 |
| 2020 | $10K | $16K | $295K | $1 | — | — |
| 2019 | $17K | $17K | $301K | $1 | — | View 990 |
| 2015 | $20K | $18K | $247K | $1 | — | View 990 |
| 2014 | $19K | $16K | $246K | $1 | — | View 990 |
| 2013 | $12K | $17K | $243K | $1 | — | View 990 |
| 2012 | $14K | $12K | $248K | $1 | — | View 990 |
| 2011 | $7K | $12K | $245K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $5K, expenses of $12K, and assets of $266K (revenue +38.2% year-over-year).
- 2022: Revenue of $3K, expenses of $15K, and assets of $273K (revenue -39.9% year-over-year).
- 2021: Revenue of $6K, expenses of $16K, and assets of $284K (revenue -42.4% year-over-year).
- 2020: Revenue of $10K, expenses of $16K, and assets of $295K (revenue -40.1% year-over-year).
- 2019: Revenue of $17K, expenses of $17K, and assets of $301K (revenue -15.0% year-over-year).
- 2015: Revenue of $20K, expenses of $18K, and assets of $247K (revenue +4.6% year-over-year).
- 2014: Revenue of $19K, expenses of $16K, and assets of $246K (revenue +52.3% year-over-year).
- 2013: Revenue of $12K, expenses of $17K, and assets of $243K (revenue -12.5% year-over-year).
- 2012: Revenue of $14K, expenses of $12K, and assets of $248K (revenue +107.6% year-over-year).
- 2011: Revenue of $7K, expenses of $12K, and assets of $245K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Higher Education Assistance Foundation:
Data Sources and Methodology
This transparency report for Higher Education Assistance Foundation 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.