Joseph And Kathleen Sorenson Legacy Foundation
EIN: 832297329 · Draper, UT · NTEE: T20
| Metric | Value |
|---|---|
| Total Revenue | $8.0M |
| Total Expenses | $4.3M |
| Net Assets | $95.5M |
Is Joseph And Kathleen Sorenson Legacy Foundation Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Joseph And Kathleen Sorenson Legacy Foundation
Joseph And Kathleen Sorenson Legacy Foundation (EIN: 832297329) is a nonprofit organization based in Draper, UT, classified under NTEE code T20. The organization reported total revenue of $8.0M and total assets of $101.2M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Joseph And Kathleen Sorenson Legacy Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Joseph And Kathleen Sorenson Legacy Foundation is a mid-size nonprofit that has been operating for 8 years, with 5 years of IRS 990 filings on record (2019–2023). Revenue has grown at a compound annual rate of -25.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.5M |
| Total Expenses | $4.3M |
| Surplus / Deficit | $-2,808,990 |
| Total Assets | $95.5M |
| Total Liabilities | $37K |
| Net Assets | $95.5M |
| Operating Margin | -182.7% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 263.7 months |
Financial Health Grade: B
In 2023, Joseph And Kathleen Sorenson Legacy Foundation reported a deficit of $2.8M with expenses exceeding revenue, holds 263.7 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 5 years of filings (2019–2023), Joseph And Kathleen Sorenson Legacy Foundation's revenue has declined at a compound annual growth rate (CAGR) of -25.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -46.9% | +20.8% | +6.5% |
| 2022 | -57.8% | -36.0% | -12.3% |
| 2021 | +97.7% | +6.2% | +4.1% |
| 2020 | -31.6% | +75.6% | +19.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2018 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Joseph And Kathleen Sorenson Legacy Foundation has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Joseph And Kathleen Sorenson Legacy Foundation with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $2.8M, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Frequently Asked Questions about Joseph And Kathleen Sorenson Legacy Foundation
Is Joseph And Kathleen Sorenson Legacy Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Joseph And Kathleen Sorenson Legacy Foundation (EIN: 832297329) insufficient data. 0 red flags identified, 0 strengths noted.
How does Joseph And Kathleen Sorenson Legacy Foundation spend its money?
Detailed spending breakdown data is not yet available for Joseph And Kathleen Sorenson Legacy Foundation. Check back for updated IRS 990 analysis.
Are donations to Joseph And Kathleen Sorenson Legacy Foundation tax-deductible?
Joseph And Kathleen Sorenson Legacy Foundation is registered as a tax-exempt nonprofit (EIN: 832297329). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Joseph And Kathleen Sorenson Legacy Foundation located?
Joseph And Kathleen Sorenson Legacy Foundation is headquartered in Draper, Utah and files with the IRS under EIN 832297329. It is classified under NTEE code T20.
How many years of IRS 990 filings does Joseph And Kathleen Sorenson Legacy Foundation have?
Joseph And Kathleen Sorenson Legacy Foundation has 5 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 $8.0M in total revenue.
Filing History
IRS 990 filing history for Joseph And Kathleen Sorenson Legacy Foundation showing financial trends over 5 years of public records:
Over 5 years of IRS 990 filings (2019–2023), Joseph And Kathleen Sorenson Legacy Foundation's revenue has declined by 69.7%, moving from $5.1M to $1.5M. Total assets increased by 15.5% over the same period, from $82.6M to $95.5M. Total functional expenses rose by 44.1%, from $3.0M to $4.3M. In its most recent filing year (2023), Joseph And Kathleen Sorenson Legacy Foundation reported a deficit of $2.8M, with expenses exceeding revenue. The organization holds $37K in liabilities against $95.5M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $95.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.5M | $4.3M | $95.5M | $37K | — | — |
| 2022 | $2.9M | $3.6M | $89.7M | $90K | — | View 990 |
| 2021 | $6.9M | $5.6M | $102.3M | $93K | — | View 990 |
| 2020 | $3.5M | $5.3M | $98.3M | $152K | — | — |
| 2019 | $5.1M | $3.0M | $82.6M | $176K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.5M, expenses of $4.3M, and assets of $95.5M (revenue -46.9% year-over-year).
- 2022: Revenue of $2.9M, expenses of $3.6M, and assets of $89.7M (revenue -57.8% year-over-year).
- 2021: Revenue of $6.9M, expenses of $5.6M, and assets of $102.3M (revenue +97.7% year-over-year).
- 2020: Revenue of $3.5M, expenses of $5.3M, and assets of $98.3M (revenue -31.6% year-over-year).
- 2019: Revenue of $5.1M, expenses of $3.0M, and assets of $82.6M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Joseph And Kathleen Sorenson Legacy Foundation:
Data Sources and Methodology
This transparency report for Joseph And Kathleen Sorenson Legacy 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.