Klungness Family Foundation Inc
Klungness Family Foundation shows substantial revenue and asset growth with minimal expenses and no officer compensation.
EIN: 10791882 · Wilmington, DE · NTEE: T20 · Updated: 2026-03-28
Is Klungness Family Foundation Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Klungness Family Foundation Inc directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Klungness Family Foundation Inc
Klungness Family Foundation Inc (EIN: 10791882) is a nonprofit organization based in Wilmington, DE, classified under NTEE code T20. The organization reported total revenue of $9.0M and total assets of $5.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Klungness Family Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Klungness Family Foundation Inc is a mid-size nonprofit that has been operating for 21 years, with 8 years of IRS 990 filings on record (2011–2021). Revenue has grown at a compound annual rate of 85.5%.
Key Financial Metrics (2021)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.9M |
| Total Expenses | $336K |
| Surplus / Deficit | +$2.6M |
| Total Assets | $7.8M |
| Total Liabilities | $1 |
| Net Assets | $7.8M |
| Operating Margin | 88.4% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 277.3 months |
Financial Health Grade: A
In 2021, Klungness Family Foundation Inc reported a surplus of $2.6M with revenue exceeding expenses, holds 277.3 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 8 years of filings (2011–2021), Klungness Family Foundation Inc's revenue has grown at a compound annual growth rate (CAGR) of 85.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2021 | -9.0% | +46.8% | +49.7% |
| 2020 | +59.6% | +291.7% | +133.9% |
| 2019 | +9624.7% | +410.5% | +766.0% |
| 2015 | +2.0% | -7.4% | +3.7% |
| 2014 | +27.2% | -11.2% | +3.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2005 |
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 Klungness Family Foundation Inc with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 5%
- programs: 95%
- fundraising: 0%
According to IRS 990 filings, Klungness Family Foundation Inc allocates its expenses as follows: admin: 5%, programs: 95%, fundraising: 0%. With 95% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2021)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $2.6M, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers or key employees are drawing salaries from the foundation, which is highly unusual for an organization of its size and revenue, suggesting a volunteer-led or externally funded management structure.
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 Klungness Family Foundation Inc's IRS 990 filings:
- Lack of detailed expense breakdown to confirm program spending without assumptions
- Unusually low liabilities ($1) across all periods, which might warrant further investigation into financial structure
Strengths
The following positive indicators were identified for Klungness Family Foundation Inc:
- Exceptional revenue growth over the past decade
- Significant and consistent asset accumulation
- Extremely low expense ratio relative to revenue
- No reported officer compensation, indicating high resource dedication
- Minimal liabilities, demonstrating strong financial stability
Frequently Asked Questions about Klungness Family Foundation Inc
Is Klungness Family Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Klungness Family Foundation Inc (EIN: 10791882) some concerns. Mission Score: 90/100. 2 red flags identified, 5 strengths noted.
How does Klungness Family Foundation Inc spend its money?
Klungness Family Foundation Inc directs 95% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Klungness Family Foundation Inc tax-deductible?
Klungness Family Foundation Inc is registered as a tax-exempt nonprofit (EIN: 10791882). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Klungness Family Foundation Inc. a good charity?
Based on the provided financial data, the Klungness Family Foundation Inc. appears to be a very efficient and financially sound organization. It has significant revenue and asset growth, extremely low expenses relative to its income, and reports no officer compensation, suggesting a high dedication of resources to its mission or asset building.
How has the foundation's revenue changed over time?
The foundation has experienced dramatic revenue growth, increasing from $6,016 in 2011 to $2,905,256 in 2021, with a peak of $3,193,658 in 2020. The latest reported revenue is $9,018,895, indicating continued substantial growth.
What is the trend in the foundation's assets?
Assets have consistently grown, from $231,697 in 2011 to $7,754,441 in 2021, and are currently reported at $5,433,964. This indicates strong financial stewardship and accumulation of resources.
What is the organization's spending efficiency?
The organization demonstrates high spending efficiency, with expenses consistently being a very small percentage of revenue. For example, in 2021, expenses were $335,570 against $2,905,256 in revenue, representing an expense ratio of approximately 11.5%.
Filing History
IRS 990 filing history for Klungness Family Foundation Inc showing financial trends over 8 years of public records:
Over 8 years of IRS 990 filings (2011–2021), Klungness Family Foundation Inc's revenue has grown by 48192.2%, moving from $6K to $2.9M. Total assets increased by 3246.8% over the same period, from $232K to $7.8M. Total functional expenses rose by 5106.7%, from $6K to $336K. In its most recent filing year (2021), Klungness Family Foundation Inc reported a surplus of $2.6M, with revenue exceeding expenses. The organization holds $1 in liabilities against $7.8M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $7.8M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2021 | $2.9M | $336K | $7.8M | $1 | — | View 990 |
| 2020 | $3.2M | $229K | $5.2M | $1 | — | — |
| 2019 | $2.0M | $58K | $2.2M | $1 | — | View 990 |
| 2015 | $21K | $11K | $256K | $1 | — | View 990 |
| 2014 | $20K | $12K | $247K | $1 | — | View 990 |
| 2013 | $16K | $14K | $239K | $1 | — | View 990 |
| 2012 | $19K | $14K | $237K | $1 | — | View 990 |
| 2011 | $6K | $6K | $232K | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2021: Revenue of $2.9M, expenses of $336K, and assets of $7.8M (revenue -9.0% year-over-year).
- 2020: Revenue of $3.2M, expenses of $229K, and assets of $5.2M (revenue +59.6% year-over-year).
- 2019: Revenue of $2.0M, expenses of $58K, and assets of $2.2M (revenue +9624.7% year-over-year).
- 2015: Revenue of $21K, expenses of $11K, and assets of $256K (revenue +2.0% year-over-year).
- 2014: Revenue of $20K, expenses of $12K, and assets of $247K (revenue +27.2% year-over-year).
- 2013: Revenue of $16K, expenses of $14K, and assets of $239K (revenue -16.9% year-over-year).
- 2012: Revenue of $19K, expenses of $14K, and assets of $237K (revenue +217.2% year-over-year).
- 2011: Revenue of $6K, expenses of $6K, and assets of $232K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Klungness Family Foundation Inc:
Data Sources and Methodology
This transparency report for Klungness Family 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.