Mccloskey Family Foundation
Mccloskey Family Foundation consistently spends more than it earns, drawing down assets.
EIN: 10736063 · New Milford, CT · NTEE: E50 · Updated: 2026-03-27
Is Mccloskey Family Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Mccloskey Family Foundation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Mccloskey Family Foundation
Mccloskey Family Foundation (EIN: 10736063) is a nonprofit organization based in New Milford, CT, classified under NTEE code E50. The organization reported total revenue of $112K and total assets of $200K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Mccloskey Family Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Mccloskey Family Foundation is a small nonprofit that has been operating for 3 years, with 13 years of IRS 990 filings on record (2010–2023). Revenue has grown at a compound annual rate of -1.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $26K |
| Total Expenses | $68K |
| Surplus / Deficit | $-41,675 |
| Total Assets | $177K |
| Net Assets | $177K |
| Operating Margin | -158.7% |
| Months of Reserves | 31.3 months |
Financial Health Grade: B
In 2023, Mccloskey Family Foundation reported a deficit of $42K with expenses exceeding revenue, holds 31.3 months of operating reserves (strong position).
Financial Trends
Over 13 years of filings (2010–2023), Mccloskey Family Foundation's revenue has declined at a compound annual growth rate (CAGR) of -1.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +46.1% | +205.4% | -29.9% |
| 2022 | -9.2% | -0.6% | -15.9% |
| 2021 | +52.2% | +8.7% | +3.7% |
| 2020 | +11.6% | -12.9% | +2.8% |
| 2019 | -79.7% | -79.0% | +18.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2023 |
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 Mccloskey Family Foundation with a Mission Score of 70 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Mccloskey Family Foundation allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 deficit of $42K, with expenses exceeding revenue.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that its leadership is either entirely volunteer-based or compensated through other means not reported as officer compensation, which is highly efficient for a nonprofit of its size.
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 Mccloskey Family Foundation's IRS 990 filings:
- Consistent annual deficits (expenses exceeding revenue) in recent years, such as $67,930 expenses vs. $26,255 revenue in 2023.
- Significant decline in total assets over time, from $361,075 in 2016 to $177,006 in 2023, indicating a draw-down of principal.
Strengths
The following positive indicators were identified for Mccloskey Family Foundation:
- Consistent IRS 990 filing history, indicating good transparency.
- Zero reported officer compensation across all filings, suggesting highly efficient leadership or volunteer-led operations.
- No reported liabilities, indicating a debt-free financial position.
Frequently Asked Questions about Mccloskey Family Foundation
Is Mccloskey Family Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Mccloskey Family Foundation (EIN: 10736063) some concerns. Mission Score: 70/100. 2 red flags identified, 3 strengths noted.
How does Mccloskey Family Foundation spend its money?
Mccloskey Family Foundation directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Mccloskey Family Foundation tax-deductible?
Mccloskey Family Foundation is registered as a tax-exempt nonprofit (EIN: 10736063). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Mccloskey Family Foundation financially sustainable given its consistent deficits?
The foundation has consistently reported expenses exceeding revenue in recent years (e.g., $67,930 expenses vs. $26,255 revenue in 2023), leading to a reduction in its asset base from $361,075 in 2016 to $177,006 in 2023. This trend suggests a potential long-term sustainability challenge if not addressed.
What is the primary use of the foundation's funds if there is no officer compensation?
Without detailed expense breakdowns, it's difficult to pinpoint the exact use. However, given the NTEE code E50 (Philanthropy, Voluntarism, and Grantmaking Foundations), it's highly probable that the majority of funds are directed towards grants or charitable distributions, with a smaller portion for administrative overhead.
Why have the foundation's assets significantly decreased over time?
Assets have decreased from a peak of $361,075 in 2016 to $177,006 in 2023. This decline is likely due to the foundation consistently spending more than its annual revenue, effectively drawing down its endowment or principal to cover its expenses and grantmaking activities.
Filing History
IRS 990 filing history for Mccloskey Family Foundation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2010–2023), Mccloskey Family Foundation's revenue has declined by 13.7%, moving from $30K to $26K. Total assets decreased by 27.9% over the same period, from $245K to $177K. Total functional expenses rose by 158.9%, from $26K to $68K. In its most recent filing year (2023), Mccloskey Family Foundation reported a deficit of $42K, with expenses exceeding revenue.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $26K | $68K | $177K | $0 | — | View 990 |
| 2022 | $18K | $22K | $252K | $0 | — | — |
| 2021 | $20K | $22K | $300K | $0 | — | View 990 |
| 2020 | $13K | $21K | $289K | $0 | — | View 990 |
| 2019 | $12K | $24K | $281K | $0 | — | — |
| 2018 | $57K | $113K | $238K | $0 | — | — |
| 2016 | $22K | $11K | $361K | $0 | — | View 990 |
| 2015 | $29K | $24K | $331K | $0 | — | View 990 |
| 2014 | $23K | $24K | $335K | $0 | — | View 990 |
| 2013 | $56K | $38K | $326K | $0 | — | View 990 |
| 2012 | $55K | $43K | $289K | $0 | — | View 990 |
| 2011 | $64K | $54K | $276K | $0 | — | View 990 |
| 2010 | $30K | $26K | $245K | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $26K, expenses of $68K, and assets of $177K (revenue +46.1% year-over-year).
- 2022: Revenue of $18K, expenses of $22K, and assets of $252K (revenue -9.2% year-over-year).
- 2021: Revenue of $20K, expenses of $22K, and assets of $300K (revenue +52.2% year-over-year).
- 2020: Revenue of $13K, expenses of $21K, and assets of $289K (revenue +11.6% year-over-year).
- 2019: Revenue of $12K, expenses of $24K, and assets of $281K (revenue -79.7% year-over-year).
- 2018: Revenue of $57K, expenses of $113K, and assets of $238K (revenue +159.5% year-over-year).
- 2016: Revenue of $22K, expenses of $11K, and assets of $361K (revenue -23.2% year-over-year).
- 2015: Revenue of $29K, expenses of $24K, and assets of $331K (revenue +24.7% year-over-year).
- 2014: Revenue of $23K, expenses of $24K, and assets of $335K (revenue -59.0% year-over-year).
- 2013: Revenue of $56K, expenses of $38K, and assets of $326K (revenue +2.7% year-over-year).
- 2012: Revenue of $55K, expenses of $43K, and assets of $289K (revenue -14.7% year-over-year).
- 2011: Revenue of $64K, expenses of $54K, and assets of $276K (revenue +111.2% year-over-year).
- 2010: Revenue of $30K, expenses of $26K, and assets of $245K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Mccloskey Family Foundation:
Data Sources and Methodology
This transparency report for Mccloskey Family 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.