Irving S Ray & Ada H Ray Memorial Fund
Irving S Ray & Ada H Ray Memorial Fund consistently operates with expenses exceeding revenue, maintaining stable assets with no officer compensation.
EIN: 16059686 · Portland, ME · NTEE: T20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $267K |
| Total Expenses | $46K |
| Program Spending | 85% |
| Net Assets | $396K |
| Transparency Score | 75/100 |
Is Irving S Ray & Ada H Ray Memorial Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Irving S Ray & Ada H Ray Memorial Fund directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Irving S Ray & Ada H Ray Memorial Fund
Irving S Ray & Ada H Ray Memorial Fund (EIN: 16059686) is a nonprofit organization based in Portland, ME, classified under NTEE code T20. The organization reported total revenue of $267K and total assets of $404K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Irving S Ray & Ada H Ray Memorial Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Irving S Ray & Ada H Ray Memorial Fund is a small nonprofit that has been operating for 6 years, with 9 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -6.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $27K |
| Total Expenses | $46K |
| Surplus / Deficit | $-18,967 |
| Total Assets | $396K |
| Total Liabilities | $1 |
| Net Assets | $396K |
| Operating Margin | -70.3% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 103.3 months |
Financial Health Grade: B
In 2023, Irving S Ray & Ada H Ray Memorial Fund reported a deficit of $19K with expenses exceeding revenue, holds 103.3 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 (2011–2023), Irving S Ray & Ada H Ray Memorial Fund's revenue has declined at a compound annual growth rate (CAGR) of -6.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -4.2% | -9.7% | -4.6% |
| 2022 | -44.8% | +15.4% | -5.2% |
| 2021 | +9.8% | -54.6% | -0.1% |
| 2019 | +20.7% | +98.3% | +64.8% |
| 2015 | -38.4% | +34.1% | -3.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1200 |
| IRS Ruling Date | 2020 |
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 Irving S Ray & Ada H Ray Memorial Fund with a Mission Score of 75 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: 15%
- programs: 85%
- fundraising: 0%
According to IRS 990 filings, Irving S Ray & Ada H Ray Memorial Fund allocates its expenses as follows: admin: 15%, programs: 85%, fundraising: 0%. With 85% 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 $19K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that the organization is run by volunteers or has no paid officers, which is highly efficient for an organization of its size.
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 Irving S Ray & Ada H Ray Memorial Fund's IRS 990 filings:
- Consistent operational deficits where expenses frequently exceed revenue (e.g., 202312, 202212, 201912, 201512, 201312).
Strengths
The following positive indicators were identified for Irving S Ray & Ada H Ray Memorial Fund:
- Zero officer compensation reported across all filings, indicating highly efficient administrative spending.
- Consistent IRS 990 filing history, demonstrating good transparency and compliance.
- No reported liabilities, suggesting sound financial management and no outstanding debts.
Frequently Asked Questions about Irving S Ray & Ada H Ray Memorial Fund
Is Irving S Ray & Ada H Ray Memorial Fund a legitimate charity?
Irving S Ray & Ada H Ray Memorial Fund (EIN: 16059686) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 75/100. It has 9 years of IRS 990 filings on record. Total revenue: $267K. 1 red flag identified. 3 strengths noted. Financial health grade: B.
How does Irving S Ray & Ada H Ray Memorial Fund spend its money?
Irving S Ray & Ada H Ray Memorial Fund directs 85% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Irving S Ray & Ada H Ray Memorial Fund tax-deductible?
Irving S Ray & Ada H Ray Memorial Fund is registered as a tax-exempt nonprofit (EIN: 16059686). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Irving S Ray & Ada H Ray Memorial Fund compare to similar nonprofits?
With a transparency score of 75/100 (Good), Irving S Ray & Ada H Ray Memorial Fund is above average for NTEE category T20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Irving S Ray & Ada H Ray Memorial Fund located?
Irving S Ray & Ada H Ray Memorial Fund is headquartered in Portland, Maine and files with the IRS under EIN 16059686. It is classified under NTEE code T20.
How many years of IRS 990 filings does Irving S Ray & Ada H Ray Memorial Fund have?
Irving S Ray & Ada H Ray Memorial Fund 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 $267K in total revenue.
Is the Irving S Ray & Ada H Ray Memorial Fund financially sustainable given its recurring deficits?
The fund has frequently reported expenses exceeding revenue (e.g., $26,996 revenue vs. $45,963 expenses in 202312). While this can be a strategy for foundations to distribute from their principal, consistent deficits could impact long-term asset stability if not balanced by investment gains or future contributions.
What is the primary use of the fund's expenses?
As a private grantmaking foundation (NTEE T20), the majority of its expenses are expected to be in program services, specifically grants paid. The provided data indicates overall expenses, but without a detailed breakdown, the exact proportion of grants versus other administrative costs is not explicitly stated, though the 0% officer compensation suggests low administrative overhead.
How has the fund's asset base changed over time?
The fund's assets have shown fluctuations, from $264,513 in 201112, peaking around $437,919 in 201912, and most recently reported at $395,620 in 202312. This indicates a generally stable, though not consistently growing, asset base.
Filing History
IRS 990 filing history for Irving S Ray & Ada H Ray Memorial Fund showing financial trends over 9 years of public records:
Over 9 years of IRS 990 filings (2011–2023), Irving S Ray & Ada H Ray Memorial Fund's revenue has declined by 53.7%, moving from $58K to $27K. Total assets increased by 49.6% over the same period, from $265K to $396K. Total functional expenses rose by 60.9%, from $29K to $46K. In its most recent filing year (2023), Irving S Ray & Ada H Ray Memorial Fund reported a deficit of $19K, with expenses exceeding revenue. The organization holds $1 in liabilities against $396K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $396K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $27K | $46K | $396K | $1 | — | View 990 |
| 2022 | $28K | $51K | $415K | $1 | — | View 990 |
| 2021 | $51K | $44K | $437K | $1 | — | — |
| 2019 | $46K | $97K | $438K | $1 | — | View 990 |
| 2015 | $39K | $49K | $266K | $0 | — | View 990 |
| 2014 | $63K | $37K | $276K | $0 | — | View 990 |
| 2013 | $19K | $35K | $250K | $0 | — | View 990 |
| 2012 | $48K | $39K | $266K | $0 | — | View 990 |
| 2011 | $58K | $29K | $265K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $27K, expenses of $46K, and assets of $396K (revenue -4.2% year-over-year).
- 2022: Revenue of $28K, expenses of $51K, and assets of $415K (revenue -44.8% year-over-year).
- 2021: Revenue of $51K, expenses of $44K, and assets of $437K (revenue +9.8% year-over-year).
- 2019: Revenue of $46K, expenses of $97K, and assets of $438K (revenue +20.7% year-over-year).
- 2015: Revenue of $39K, expenses of $49K, and assets of $266K (revenue -38.4% year-over-year).
- 2014: Revenue of $63K, expenses of $37K, and assets of $276K (revenue +225.2% year-over-year).
- 2013: Revenue of $19K, expenses of $35K, and assets of $250K (revenue -60.0% year-over-year).
- 2012: Revenue of $48K, expenses of $39K, and assets of $266K (revenue -17.6% year-over-year).
- 2011: Revenue of $58K, expenses of $29K, and assets of $265K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Irving S Ray & Ada H Ray Memorial Fund:
Data Sources and Methodology
This transparency report for Irving S Ray & Ada H Ray Memorial Fund 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.