Midgard Foundation
Midgard Foundation shows inconsistent revenue and occasional deficits, maintaining substantial assets with no reported officer compensation.
EIN: 136206619 · Asheville, NC · Updated: 2026-03-28
Is Midgard Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Midgard Foundation directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Midgard Foundation
Midgard Foundation (EIN: 136206619) is a nonprofit organization based in Asheville, NC. The organization reported total revenue of $76K and total assets of $2.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Midgard Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Midgard Foundation is a micro nonprofit that has been operating for 60 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 17.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $147K |
| Total Expenses | $189K |
| Surplus / Deficit | $-41,611 |
| Total Assets | $1.8M |
| Total Liabilities | $1 |
| Net Assets | $1.8M |
| Operating Margin | -28.2% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 113.2 months |
Financial Health Grade: B
In 2023, Midgard Foundation reported a deficit of $42K with expenses exceeding revenue, holds 113.2 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), Midgard Foundation's revenue has grown at a compound annual growth rate (CAGR) of 17.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -32.8% | -0.7% | -2.3% |
| 2022 | -50.8% | +3.8% | +1.6% |
| 2021 | +207.0% | +29.8% | +17.2% |
| 2020 | +133.2% | +20.4% | +0.3% |
| 2019 | +332.8% | -37.6% | -7.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1966 |
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 Midgard Foundation 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Midgard Foundation 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 $42K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers received compensation from the organization, which is highly favorable for minimizing administrative overhead.
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 Midgard Foundation's IRS 990 filings:
- Inconsistent revenue generation, with significant year-to-year fluctuations (e.g., $446,533 in 2021 vs. $14,414 in 2015).
- Operating deficits in multiple years (e.g., 202312, 201912, 201512, 201412, 201312, 201112), where expenses exceeded revenue.
Strengths
The following positive indicators were identified for Midgard Foundation:
- Consistently low liabilities ($0 or $1 across all filings), indicating a strong balance sheet.
- Substantial asset base (e.g., $2,364,390 current assets), providing financial stability and potential for long-term impact.
- 0% officer compensation reported in all filings, demonstrating a commitment to minimizing executive overhead.
Frequently Asked Questions about Midgard Foundation
Is Midgard Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Midgard Foundation (EIN: 136206619) some concerns. Mission Score: 75/100. 2 red flags identified, 3 strengths noted.
How does Midgard Foundation spend its money?
Midgard Foundation directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Midgard Foundation tax-deductible?
Midgard Foundation is registered as a tax-exempt nonprofit (EIN: 136206619). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Midgard Foundation financially stable given its fluctuating revenue?
While the foundation has substantial assets (e.g., $2,364,390 current assets), its revenue has been highly inconsistent, and expenses have exceeded revenue in several periods (e.g., 202312, 201912, 201512), suggesting potential reliance on asset drawdowns or unpredictable funding sources.
How does Midgard Foundation fund its operations with such varied revenue?
The significant asset base suggests the organization may be drawing from its endowment or investments to cover operational costs, especially in years where expenses exceed revenue, such as in 202312 where expenses were $189,098 against revenue of $147,487.
What are the primary program activities of Midgard Foundation?
The provided data does not include the NTEE code or detailed program descriptions, making it impossible to determine the specific program activities from this summary.
Filing History
IRS 990 filing history for Midgard Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Midgard Foundation's revenue has grown by 571.6%, moving from $22K to $147K. Total assets decreased by 2.8% over the same period, from $1.8M to $1.8M. Total functional expenses rose by 44.1%, from $131K to $189K. In its most recent filing year (2023), Midgard Foundation reported a deficit of $42K, with expenses exceeding revenue. The organization holds $1 in liabilities against $1.8M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $1.8M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $147K | $189K | $1.8M | $1 | — | — |
| 2022 | $220K | $190K | $1.8M | $1 | — | View 990 |
| 2021 | $447K | $183K | $1.8M | $1 | — | View 990 |
| 2020 | $145K | $141K | $1.5M | $1 | — | View 990 |
| 2019 | $62K | $117K | $1.5M | $0 | — | View 990 |
| 2015 | $14K | $188K | $1.7M | $0 | — | View 990 |
| 2014 | $104K | $189K | $1.8M | $0 | — | View 990 |
| 2013 | $33K | $147K | $1.9M | $0 | — | View 990 |
| 2012 | $234K | $139K | $1.9M | $0 | — | View 990 |
| 2011 | $22K | $131K | $1.8M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $147K, expenses of $189K, and assets of $1.8M (revenue -32.8% year-over-year).
- 2022: Revenue of $220K, expenses of $190K, and assets of $1.8M (revenue -50.8% year-over-year).
- 2021: Revenue of $447K, expenses of $183K, and assets of $1.8M (revenue +207.0% year-over-year).
- 2020: Revenue of $145K, expenses of $141K, and assets of $1.5M (revenue +133.2% year-over-year).
- 2019: Revenue of $62K, expenses of $117K, and assets of $1.5M (revenue +332.8% year-over-year).
- 2015: Revenue of $14K, expenses of $188K, and assets of $1.7M (revenue -86.2% year-over-year).
- 2014: Revenue of $104K, expenses of $189K, and assets of $1.8M (revenue +219.3% year-over-year).
- 2013: Revenue of $33K, expenses of $147K, and assets of $1.9M (revenue -86.1% year-over-year).
- 2012: Revenue of $234K, expenses of $139K, and assets of $1.9M (revenue +966.8% year-over-year).
- 2011: Revenue of $22K, expenses of $131K, and assets of $1.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Midgard Foundation:
Data Sources and Methodology
This transparency report for Midgard 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.