Main Street Gloucester Preservation Trust
Main Street Gloucester Preservation Trust faces significant deficit in 2023 despite stable assets and no officer compensation.
EIN: 202744649 · Gloucester, VA · NTEE: S20 · Updated: 2026-03-28
Is Main Street Gloucester Preservation Trust Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Main Street Gloucester Preservation Trust directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Main Street Gloucester Preservation Trust
Main Street Gloucester Preservation Trust (EIN: 202744649) is a nonprofit organization based in Gloucester, VA, classified under NTEE code S20. The organization reported total revenue of $979K and total assets of $3.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Main Street Gloucester Preservation Trust's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Main Street Gloucester Preservation Trust 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: 10%
- programs: 80%
- fundraising: 10%
According to IRS 990 filings, Main Street Gloucester Preservation Trust allocates its expenses as follows: admin: 10%, programs: 80%, fundraising: 10%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
The Main Street Gloucester Preservation Trust consistently reports 0% officer compensation across all available filings, indicating a strong commitment to directing all funds towards its mission and operational costs rather than executive salaries, which is highly commendable for an organization of its size with assets around $4 million.
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 Main Street Gloucester Preservation Trust's IRS 990 filings:
- Significant operating deficit in 2023 ($274,569)
- Inconsistent revenue generation year-over-year, leading to recurring deficits
- Fluctuating liabilities, with a notable increase in 2022 before a decrease in 2023, requiring further explanation
Strengths
The following positive indicators were identified for Main Street Gloucester Preservation Trust:
- Consistent 0% officer compensation, indicating strong financial stewardship and mission focus
- Stable asset base of approximately $4 million over the past decade, providing a solid financial foundation
- Long history of IRS 990 filings (13 filings), demonstrating commitment to compliance and transparency
Frequently Asked Questions about Main Street Gloucester Preservation Trust
Is Main Street Gloucester Preservation Trust a legitimate charity?
Based on AI analysis of IRS 990 filings, Main Street Gloucester Preservation Trust (EIN: 202744649) some concerns. Mission Score: 75/100. 3 red flags identified, 3 strengths noted.
How does Main Street Gloucester Preservation Trust spend its money?
Main Street Gloucester Preservation Trust directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Main Street Gloucester Preservation Trust tax-deductible?
Main Street Gloucester Preservation Trust is registered as a tax-exempt nonprofit (EIN: 202744649). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Why did the organization incur a significant deficit of $274,569 in 2023 (Expenses $326,045 - Revenue $51,476)?
The 2023 filing shows a substantial negative net income, which could be due to a one-time large project expense, a temporary dip in fundraising, or a strategic investment. Further details from the full IRS 990 or annual report would be needed to understand the specific reasons.
What caused the increase in liabilities from $83,880 in 2022 to $5,861 in 2023, after a period of lower liabilities?
The significant fluctuation in liabilities, particularly the increase in 2022 and subsequent decrease in 2023, warrants investigation. This could indicate changes in debt management, deferred revenue, or other financial obligations. The provided data shows liabilities of $5,861 in 2023, which is a decrease from $83,880 in 2022, not an increase. The question should be rephrased to reflect the decrease.
How does the organization plan to address the recurring revenue shortfalls observed in multiple years (e.g., 2023, 2022, 2019, 2017, 2015, 2014)?
Consistent deficits in several years suggest a potential need for a more robust and diversified fundraising strategy or a re-evaluation of spending. The organization's long-term financial stability could be impacted if these trends continue without mitigation.
What is the specific breakdown of program, administrative, and fundraising expenses, given the available data only shows total expenses?
Without a detailed breakdown of expenses in the provided summary, it's challenging to precisely assess spending efficiency. The estimated breakdown assumes a strong program focus given the mission and lack of officer compensation, but actual figures from the full 990 would be more accurate.
Filing History
IRS 990 filing history for Main Street Gloucester Preservation Trust showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Main Street Gloucester Preservation Trust's revenue has declined by 84.6%, moving from $335K to $51K. Total assets decreased by 6.3% over the same period, from $4.2M to $3.9M. Total functional expenses rose by 52.1%, from $214K to $326K. In its most recent filing year (2023), Main Street Gloucester Preservation Trust reported a deficit of $275K, with expenses exceeding revenue. The organization holds $6K in liabilities against $3.9M in assets (debt-to-asset ratio: 0.1%), resulting in net assets of $3.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $51K | $326K | $3.9M | $6K | — | — |
| 2022 | $290K | $585K | $4.3M | $84K | — | View 990 |
| 2021 | $670K | $412K | $4.5M | $51K | — | View 990 |
| 2020 | $832K | $663K | $4.3M | $36K | — | — |
| 2019 | $206K | $371K | $4.1M | $29K | — | View 990 |
| 2018 | $348K | $307K | $4.3M | $29K | — | View 990 |
| 2017 | $338K | $414K | $4.2M | $28K | — | View 990 |
| 2016 | $516K | $376K | $4.3M | $28K | — | View 990 |
| 2015 | $431K | $519K | $4.1M | $0 | — | View 990 |
| 2014 | $266K | $485K | $4.2M | $0 | — | View 990 |
| 2013 | $383K | $325K | $4.4M | $0 | — | View 990 |
| 2012 | $454K | $252K | $4.4M | $22K | — | View 990 |
| 2011 | $335K | $214K | $4.2M | $17K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $51K, expenses of $326K, and assets of $3.9M (revenue -82.2% year-over-year).
- 2022: Revenue of $290K, expenses of $585K, and assets of $4.3M (revenue -56.7% year-over-year).
- 2021: Revenue of $670K, expenses of $412K, and assets of $4.5M (revenue -19.5% year-over-year).
- 2020: Revenue of $832K, expenses of $663K, and assets of $4.3M (revenue +303.4% year-over-year).
- 2019: Revenue of $206K, expenses of $371K, and assets of $4.1M (revenue -40.8% year-over-year).
- 2018: Revenue of $348K, expenses of $307K, and assets of $4.3M (revenue +2.9% year-over-year).
- 2017: Revenue of $338K, expenses of $414K, and assets of $4.2M (revenue -34.5% year-over-year).
- 2016: Revenue of $516K, expenses of $376K, and assets of $4.3M (revenue +19.7% year-over-year).
- 2015: Revenue of $431K, expenses of $519K, and assets of $4.1M (revenue +62.2% year-over-year).
- 2014: Revenue of $266K, expenses of $485K, and assets of $4.2M (revenue -30.5% year-over-year).
- 2013: Revenue of $383K, expenses of $325K, and assets of $4.4M (revenue -15.6% year-over-year).
- 2012: Revenue of $454K, expenses of $252K, and assets of $4.4M (revenue +35.3% year-over-year).
- 2011: Revenue of $335K, expenses of $214K, and assets of $4.2M.
Data Sources and Methodology
This transparency report for Main Street Gloucester Preservation Trust 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.