Karev Foundation Inc
Karev Foundation Inc shows extreme financial volatility with significant spending exceeding revenue in recent years.
EIN: 133999708 · Palm Beach, FL · NTEE: T20Z · Updated: 2026-03-28
Is Karev Foundation Inc Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Karev Foundation Inc directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Karev Foundation Inc
Karev Foundation Inc (EIN: 133999708) is a nonprofit organization based in Palm Beach, FL, classified under NTEE code T20Z. The organization reported total revenue of $13.5M and total assets of $2.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Karev Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Karev Foundation Inc is a large nonprofit that has been operating for 28 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 134.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $421K |
| Total Expenses | $3.9M |
| Surplus / Deficit | $-3,502,403 |
| Total Assets | $4.0M |
| Total Liabilities | $1.6M |
| Net Assets | $2.4M |
| Operating Margin | -831.4% |
| Debt-to-Asset Ratio | 39.4% |
| Months of Reserves | 12.4 months |
Financial Health Grade: B
In 2023, Karev Foundation Inc reported a deficit of $3.5M with expenses exceeding revenue, holds 12.4 months of operating reserves (strong position), has a debt-to-asset ratio of 39.4% (moderate leverage).
Financial Trends
Over 10 years of filings (2011–2023), Karev Foundation Inc's revenue has grown at a compound annual growth rate (CAGR) of 134.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -94.4% | +87.2% | -47.1% |
| 2022 | +583.5% | +7.8% | +216.6% |
| 2021 | -80.6% | +82.3% | -27.3% |
| 2020 | -54.3% | -80.6% | +59.2% |
| 2019 | +412547500.0% | +645638.8% | +24902.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1998 |
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 Karev Foundation 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Karev Foundation Inc 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 $3.5M, with expenses exceeding revenue.
- Debt-to-asset ratio: 39.4%.
Executive Compensation Analysis
No officer compensation has been reported across all available filings, which is unusual for an organization with revenues reaching millions, suggesting either a fully volunteer executive team or compensation is categorized differently, requiring further investigation for full transparency.
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 Karev Foundation Inc's IRS 990 filings:
- Extreme revenue and expense volatility across years, making financial planning difficult.
- Expenses significantly exceeding revenue in recent periods (e.g., 2023 expenses $3.9M vs. revenue $421K).
- Liabilities sometimes exceeding assets (e.g., 2019 liabilities $5.0M vs. assets $2.0M), indicating potential financial instability.
- Lack of reported officer compensation despite significant organizational activity and revenue in some years, which could obscure executive benefits if reported elsewhere.
Strengths
The following positive indicators were identified for Karev Foundation Inc:
- No reported officer compensation, suggesting a potentially volunteer-led or highly cost-conscious executive structure.
- Demonstrated ability to attract significant funding in certain years, such as $12.3M in 2019 and $7.5M in 2022.
Frequently Asked Questions about Karev Foundation Inc
Is Karev Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Karev Foundation Inc (EIN: 133999708) significant concerns. Mission Score: 45/100. 4 red flags identified, 2 strengths noted.
How does Karev Foundation Inc spend its money?
Karev Foundation Inc directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Karev Foundation Inc tax-deductible?
Karev Foundation Inc is registered as a tax-exempt nonprofit (EIN: 133999708). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Karev Foundation Inc sustain operations when expenses significantly exceed revenue, as seen in 2023 ($3.9M expenses vs. $421K revenue)?
The organization likely relies on accumulated reserves from prior profitable years or significant new contributions not fully reflected in the reported revenue for that specific period, or it is operating at a substantial deficit.
What is the specific breakdown of program, administrative, and fundraising expenses, given the NTEE code T20Z?
The provided data does not offer a detailed breakdown of these categories, making it difficult to assess the efficiency of spending directly from this summary. Further examination of the full IRS 990 forms would be necessary.
Why has the organization's revenue fluctuated so dramatically, from $0 in 2014 to $12.3M in 2019, and then to $421K in 2023?
Such extreme fluctuations could be due to large, infrequent grants or donations, the timing of major fundraising campaigns, or significant changes in funding sources or operational focus over time.
What is the explanation for the high liabilities, sometimes exceeding assets, such as in 2019 ($5.0M liabilities vs. $2.0M assets)?
High liabilities could indicate significant debt, deferred revenue, or other financial obligations. When liabilities exceed assets, it suggests a potentially precarious financial position, requiring a deeper look into the nature of these liabilities.
Filing History
IRS 990 filing history for Karev Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Karev Foundation Inc's revenue has grown by 2808266.7%, moving from $15 to $421K. Total assets increased by 38170% over the same period, from $11K to $4.0M. Total functional expenses rose by 406496.7%, from $965 to $3.9M. In its most recent filing year (2023), Karev Foundation Inc reported a deficit of $3.5M, with expenses exceeding revenue. The organization holds $1.6M in liabilities against $4.0M in assets (debt-to-asset ratio: 39.4%), resulting in net assets of $2.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $421K | $3.9M | $4.0M | $1.6M | — | — |
| 2022 | $7.5M | $2.1M | $7.6M | $1.6M | — | View 990 |
| 2021 | $1.1M | $1.9M | $2.4M | $1.8M | — | View 990 |
| 2020 | $5.7M | $1.1M | $3.3M | $1.9M | — | View 990 |
| 2019 | $12.4M | $5.5M | $2.1M | $5.1M | — | — |
| 2015 | $3 | $850 | $8K | $377 | — | View 990 |
| 2014 | $0 | $-68 | $9K | $0 | — | View 990 |
| 2013 | $0 | $981 | $9K | $542 | — | View 990 |
| 2012 | $1 | $840 | $10K | $0 | — | View 990 |
| 2011 | $15 | $965 | $11K | $299 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $421K, expenses of $3.9M, and assets of $4.0M (revenue -94.4% year-over-year).
- 2022: Revenue of $7.5M, expenses of $2.1M, and assets of $7.6M (revenue +583.5% year-over-year).
- 2021: Revenue of $1.1M, expenses of $1.9M, and assets of $2.4M (revenue -80.6% year-over-year).
- 2020: Revenue of $5.7M, expenses of $1.1M, and assets of $3.3M (revenue -54.3% year-over-year).
- 2019: Revenue of $12.4M, expenses of $5.5M, and assets of $2.1M (revenue +412547500.0% year-over-year).
- 2015: Revenue of $3, expenses of $850, and assets of $8K.
- 2014: Revenue of $0, expenses of $-68, and assets of $9K.
- 2013: Revenue of $0, expenses of $981, and assets of $9K (revenue -100.0% year-over-year).
- 2012: Revenue of $1, expenses of $840, and assets of $10K (revenue -93.3% year-over-year).
- 2011: Revenue of $15, expenses of $965, and assets of $11K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Karev Foundation Inc:
Data Sources and Methodology
This transparency report for Karev Foundation 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.