Luddy Charitable Foundation
Luddy Charitable Foundation rapidly grows assets to over $56 million with minimal expenses and no officer compensation.
EIN: 113660572 · Raleigh, NC · NTEE: T90 · Updated: 2026-03-28
Is Luddy Charitable Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Luddy Charitable Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Luddy Charitable Foundation
Luddy Charitable Foundation (EIN: 113660572) is a nonprofit organization based in Raleigh, NC, classified under NTEE code T90. The organization reported total revenue of $46.6M and total assets of $61.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Luddy Charitable Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Luddy Charitable Foundation is a large nonprofit that has been operating for 23 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 19.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $31.3M |
| Total Expenses | $2.0M |
| Surplus / Deficit | +$29.2M |
| Total Assets | $56.6M |
| Total Liabilities | $1 |
| Net Assets | $56.6M |
| Operating Margin | 93.5% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 332.5 months |
Financial Health Grade: A
In 2023, Luddy Charitable Foundation reported a surplus of $29.2M with revenue exceeding expenses, holds 332.5 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Luddy Charitable Foundation's revenue has grown at a compound annual growth rate (CAGR) of 19.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +3373.5% | +2234.5% | +106.2% |
| 2022 | -78.4% | +8.9% | +2.9% |
| 2021 | +80.2% | -92.8% | +18.1% |
| 2020 | -40.6% | +3.7% | +5.5% |
| 2019 | -32.7% | -67.9% | +44664.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2003 |
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 Luddy Charitable Foundation with a Mission Score of 85 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: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Luddy Charitable Foundation allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% 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 $29.2M, 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 receive salaries directly from the foundation, which is highly unusual and suggests either volunteer leadership or compensation handled by an affiliated entity.
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 Luddy Charitable Foundation's IRS 990 filings:
- Lack of detailed program spending breakdown in summary data, common for grantmakers but requires deeper dive into Schedule I.
- Zero officer compensation is unusual and might indicate compensation is handled by an affiliated entity or all leadership is volunteer, which could raise questions about sustainability or potential conflicts of interest if not fully disclosed elsewhere.
Strengths
The following positive indicators were identified for Luddy Charitable Foundation:
- Exceptional asset growth, with assets increasing from $9,111 in 2011 to $56,618,386 in 2023, demonstrating strong financial management and sustainability.
- Very low expense ratio relative to revenue, indicating efficient operations for a grant-making foundation (e.g., 2023 expenses were only 6.5% of revenue).
- Consistent reporting of zero officer compensation, suggesting high transparency regarding executive pay and a focus on maximizing funds for charitable purposes.
- Strong revenue generation, with significant inflows like $31,260,255 in 2023, enabling substantial growth and future philanthropic capacity.
Frequently Asked Questions about Luddy Charitable Foundation
Is Luddy Charitable Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Luddy Charitable Foundation (EIN: 113660572) some concerns. Mission Score: 85/100. 2 red flags identified, 4 strengths noted.
How does Luddy Charitable Foundation spend its money?
Luddy Charitable Foundation directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Luddy Charitable Foundation tax-deductible?
Luddy Charitable Foundation is registered as a tax-exempt nonprofit (EIN: 113660572). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What are the specific programs or organizations the Luddy Charitable Foundation supports?
The provided IRS 990 data indicates the foundation's financial activity but does not detail specific grant recipients or program areas. Further investigation into their Schedule I (Grants and Other Assistance to Organizations, Governments, and Individuals in the U.S.) would be necessary to identify beneficiaries.
How does the foundation manage its investments given its significant asset base?
With assets reaching $56,618,386 in 2023, the foundation likely employs professional investment management. The 990 filings would contain details on investment income and expenses, but the summary data provided does not elaborate on specific investment strategies.
What is the long-term grant-making strategy of the Luddy Charitable Foundation?
The foundation's consistent accumulation of assets and relatively low expenses suggest a strategy focused on building a substantial endowment to support future grant-making. The specific long-term goals and areas of focus for these grants are not detailed in the provided financial summaries.
Filing History
IRS 990 filing history for Luddy Charitable Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Luddy Charitable Foundation's revenue has grown by 762.6%, moving from $3.6M to $31.3M. Total assets increased by 621328.9% over the same period, from $9K to $56.6M. Total functional expenses fell by 32%, from $3.0M to $2.0M. In its most recent filing year (2023), Luddy Charitable Foundation reported a surplus of $29.2M, with revenue exceeding expenses. The organization holds $1 in liabilities against $56.6M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $56.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $31.3M | $2.0M | $56.6M | $1 | — | — |
| 2022 | $900K | $88K | $27.5M | $1 | — | View 990 |
| 2021 | $4.2M | $80K | $26.7M | $1 | — | View 990 |
| 2020 | $2.3M | $1.1M | $22.6M | $1 | — | View 990 |
| 2019 | $3.9M | $1.1M | $21.4M | $0 | — | View 990 |
| 2015 | $5.8M | $3.4M | $48K | $0 | — | View 990 |
| 2014 | $162K | $1.0M | $11K | $0 | — | View 990 |
| 2013 | $2.4M | $2.6M | $533K | $0 | — | View 990 |
| 2012 | $8.4M | $5.2M | $1.5M | $0 | — | View 990 |
| 2011 | $3.6M | $3.0M | $9K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $31.3M, expenses of $2.0M, and assets of $56.6M (revenue +3373.5% year-over-year).
- 2022: Revenue of $900K, expenses of $88K, and assets of $27.5M (revenue -78.4% year-over-year).
- 2021: Revenue of $4.2M, expenses of $80K, and assets of $26.7M (revenue +80.2% year-over-year).
- 2020: Revenue of $2.3M, expenses of $1.1M, and assets of $22.6M (revenue -40.6% year-over-year).
- 2019: Revenue of $3.9M, expenses of $1.1M, and assets of $21.4M (revenue -32.7% year-over-year).
- 2015: Revenue of $5.8M, expenses of $3.4M, and assets of $48K (revenue +3465.9% year-over-year).
- 2014: Revenue of $162K, expenses of $1.0M, and assets of $11K (revenue -93.3% year-over-year).
- 2013: Revenue of $2.4M, expenses of $2.6M, and assets of $533K (revenue -71.2% year-over-year).
- 2012: Revenue of $8.4M, expenses of $5.2M, and assets of $1.5M (revenue +132.7% year-over-year).
- 2011: Revenue of $3.6M, expenses of $3.0M, and assets of $9K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Luddy Charitable Foundation:
Data Sources and Methodology
This transparency report for Luddy Charitable 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.