Iron Sharpens Iron Inc
Iron Sharpens Iron Inc. faces significant financial challenges with liabilities consistently outweighing assets.
EIN: 208090711 · West Hartford, CT · NTEE: X20 · Updated: 2026-03-28
Is Iron Sharpens Iron Inc Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Iron Sharpens Iron Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Iron Sharpens Iron Inc
Iron Sharpens Iron Inc (EIN: 208090711) is a nonprofit organization based in West Hartford, CT, classified under NTEE code X20. The organization reported total revenue of $251K and total assets of $11K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Iron Sharpens Iron Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Iron Sharpens Iron Inc is a small nonprofit that has been operating for 18 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -8.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $285K |
| Total Expenses | $238K |
| Surplus / Deficit | +$47K |
| Total Assets | $34K |
| Total Liabilities | $257K |
| Net Assets | $-223,469 |
| Operating Margin | 16.6% |
| Debt-to-Asset Ratio | 761.2% |
| Months of Reserves | 1.7 months |
Financial Health Grade: B
In 2023, Iron Sharpens Iron Inc reported a surplus of $47K with revenue exceeding expenses, holds 1.7 months of operating reserves (limited), has a debt-to-asset ratio of 761.2% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Iron Sharpens Iron Inc's revenue has declined at a compound annual growth rate (CAGR) of -8.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -30.9% | -24.4% | +171.1% |
| 2022 | +116.5% | -1.3% | -53.0% |
| 2021 | -49.4% | -37.8% | -77.7% |
| 2020 | -42.6% | -28.2% | +20.4% |
| 2019 | -11.0% | +3.1% | -22.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 7200 |
| IRS Ruling Date | 2008 |
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 Iron Sharpens Iron Inc 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Iron Sharpens Iron Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $47K, with revenue exceeding expenses.
- Debt-to-asset ratio: 761.2%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers or key employees received compensation, which is a strong positive for cost control relative to the organization's size and revenue fluctuations.
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 Iron Sharpens Iron Inc's IRS 990 filings:
- High liabilities consistently exceeding assets (e.g., 2023: $257,264 liabilities vs. $33,795 assets)
- Declining revenue trend over the past decade (from $897,098 in 2014 to $285,313 in 2023)
- Negative net assets in multiple periods due to high liabilities
- Significant fluctuations in annual revenue and expenses, indicating potential operational instability
Strengths
The following positive indicators were identified for Iron Sharpens Iron Inc:
- 0% officer compensation reported across all filings, indicating strong cost control at the executive level.
Frequently Asked Questions about Iron Sharpens Iron Inc
Is Iron Sharpens Iron Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Iron Sharpens Iron Inc (EIN: 208090711) significant concerns. Mission Score: 45/100. 4 red flags identified, 1 strength noted.
How does Iron Sharpens Iron Inc spend its money?
Iron Sharpens Iron Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Iron Sharpens Iron Inc tax-deductible?
Iron Sharpens Iron Inc is registered as a tax-exempt nonprofit (EIN: 208090711). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Iron Sharpens Iron Inc. financially stable?
Based on the provided data, Iron Sharpens Iron Inc. does not appear financially stable. Its liabilities have consistently and significantly exceeded its assets over multiple years, for example, $257,264 in liabilities versus $33,795 in assets in 2023, indicating a high level of debt relative to its resources.
What is the trend in the organization's revenue?
The organization's revenue has shown a declining trend over the past decade, from a peak of $897,098 in 2014 to $285,313 in 2023, with some fluctuations in between.
How does the organization manage executive costs?
The organization reports 0% officer compensation in all available filings, suggesting a strong commitment to minimizing executive costs and potentially relying on volunteer leadership.
Filing History
IRS 990 filing history for Iron Sharpens Iron Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Iron Sharpens Iron Inc's revenue has declined by 64.6%, moving from $806K to $285K. Total assets decreased by 65.9% over the same period, from $99K to $34K. Total functional expenses fell by 74.9%, from $948K to $238K. In its most recent filing year (2023), Iron Sharpens Iron Inc reported a surplus of $47K, with revenue exceeding expenses. The organization holds $257K in liabilities against $34K in assets (debt-to-asset ratio: 761.2%), resulting in net assets of $-223,469.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $285K | $238K | $34K | $257K | — | — |
| 2022 | $413K | $315K | $12K | $283K | — | View 990 |
| 2021 | $191K | $319K | $27K | $396K | — | View 990 |
| 2020 | $377K | $512K | $119K | $361K | — | View 990 |
| 2019 | $657K | $713K | $99K | $205K | — | View 990 |
| 2018 | $738K | $692K | $128K | $178K | — | View 990 |
| 2017 | $695K | $733K | $71K | $167K | — | View 990 |
| 2016 | $760K | $738K | $67K | $125K | — | View 990 |
| 2015 | $697K | $778K | $87K | $167K | — | View 990 |
| 2014 | $897K | $899K | $111K | $41K | — | View 990 |
| 2013 | $1.0M | $1.1M | $99K | $27K | — | View 990 |
| 2012 | $1.1M | $1.0M | $138K | $23K | — | View 990 |
| 2011 | $806K | $948K | $99K | $4K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $285K, expenses of $238K, and assets of $34K (revenue -30.9% year-over-year).
- 2022: Revenue of $413K, expenses of $315K, and assets of $12K (revenue +116.5% year-over-year).
- 2021: Revenue of $191K, expenses of $319K, and assets of $27K (revenue -49.4% year-over-year).
- 2020: Revenue of $377K, expenses of $512K, and assets of $119K (revenue -42.6% year-over-year).
- 2019: Revenue of $657K, expenses of $713K, and assets of $99K (revenue -11.0% year-over-year).
- 2018: Revenue of $738K, expenses of $692K, and assets of $128K (revenue +6.3% year-over-year).
- 2017: Revenue of $695K, expenses of $733K, and assets of $71K (revenue -8.6% year-over-year).
- 2016: Revenue of $760K, expenses of $738K, and assets of $67K (revenue +9.1% year-over-year).
- 2015: Revenue of $697K, expenses of $778K, and assets of $87K (revenue -22.3% year-over-year).
- 2014: Revenue of $897K, expenses of $899K, and assets of $111K (revenue -12.4% year-over-year).
- 2013: Revenue of $1.0M, expenses of $1.1M, and assets of $99K (revenue -3.7% year-over-year).
- 2012: Revenue of $1.1M, expenses of $1.0M, and assets of $138K (revenue +32.0% year-over-year).
- 2011: Revenue of $806K, expenses of $948K, and assets of $99K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Iron Sharpens Iron Inc:
Data Sources and Methodology
This transparency report for Iron Sharpens Iron 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.