Milford Bank Foundation Inc
Milford Bank Foundation maintains stable assets with fluctuating revenue and no executive compensation.
EIN: 20600478 · Milford, CT · NTEE: T22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $148K |
| Total Expenses | $48K |
| Program Spending | 80% |
| Net Assets | $476K |
| Transparency Score | 75/100 |
Is Milford Bank Foundation Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Milford Bank Foundation Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Milford Bank Foundation Inc
Milford Bank Foundation Inc (EIN: 20600478) is a nonprofit organization based in Milford, CT, classified under NTEE code T22. The organization reported total revenue of $148K and total assets of $602K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Milford Bank Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Milford Bank Foundation Inc is a small 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 29.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $51K |
| Total Expenses | $48K |
| Surplus / Deficit | +$3K |
| Total Assets | $476K |
| Total Liabilities | $1 |
| Net Assets | $476K |
| Operating Margin | 6.6% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 119.2 months |
Financial Health Grade: A
In 2023, Milford Bank Foundation Inc reported a surplus of $3K with revenue exceeding expenses, holds 119.2 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), Milford Bank Foundation Inc's revenue has grown at a compound annual growth rate (CAGR) of 29.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -49.3% | -55.6% | +7.1% |
| 2022 | -32.6% | +535.0% | -5.8% |
| 2021 | +491.7% | +2.9% | +39.3% |
| 2020 | -4.9% | -4.5% | +2.7% |
| 2019 | +1.0% | +15.3% | +13.8% |
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 Milford Bank Foundation Inc 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Milford Bank Foundation Inc 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 surplus of $3K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Milford Bank Foundation Inc consistently reports 0% officer compensation across all available filings, indicating that no salaries or benefits are paid to its officers, which is highly favorable for donor perception and resource allocation.
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 Milford Bank Foundation Inc's IRS 990 filings:
- Lack of detailed functional expense breakdown in provided data, making it hard to assess program efficiency.
Strengths
The following positive indicators were identified for Milford Bank Foundation Inc:
- Consistent asset growth, from $240,730 in 2011 to $602,011 currently.
- Zero officer compensation reported across all filings, indicating efficient use of funds for leadership.
- Extremely low liabilities ($1 across all periods), demonstrating strong financial health and minimal debt.
- Positive net income in the latest period ($51,341 revenue vs. $47,936 expenses).
Frequently Asked Questions about Milford Bank Foundation Inc
Is Milford Bank Foundation Inc a legitimate charity?
Milford Bank Foundation Inc (EIN: 20600478) is a registered tax-exempt nonprofit based in Connecticut. Our AI analysis gives it a Mission Score of 75/100. It has 10 years of IRS 990 filings on record. Total revenue: $148K. 1 red flag identified. 4 strengths noted. Financial health grade: A.
How does Milford Bank Foundation Inc spend its money?
Milford Bank Foundation Inc directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Milford Bank Foundation Inc tax-deductible?
Milford Bank Foundation Inc is registered as a tax-exempt nonprofit (EIN: 20600478). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Milford Bank Foundation Inc's spending goes to programs?
Milford Bank Foundation Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Milford Bank Foundation Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Milford Bank Foundation Inc is above average for NTEE category T22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Milford Bank Foundation Inc located?
Milford Bank Foundation Inc is headquartered in Milford, Connecticut and files with the IRS under EIN 20600478. It is classified under NTEE code T22.
How many years of IRS 990 filings does Milford Bank Foundation Inc have?
Milford Bank Foundation Inc has 10 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $148K in total revenue.
Is Milford Bank Foundation Inc a good charity?
Based on the available data, Milford Bank Foundation Inc appears to be a financially stable organization with growing assets and no executive compensation. Its consistent asset growth and low liabilities are positive indicators. However, without a detailed breakdown of program, administrative, and fundraising expenses, it's difficult to fully assess its spending efficiency and the direct impact of its programs.
How has the organization's revenue trended over time?
The organization's revenue has been highly variable, ranging from a low of $2,222 in 2011 to a high of $150,211 in 2021. The latest reported revenue is $51,341, which is lower than some previous years but still contributes to a positive net asset position.
What is the organization's financial stability?
Milford Bank Foundation Inc demonstrates strong financial stability. Its assets have consistently grown from $240,730 in 2011 to $602,011 currently, while liabilities have remained negligible at $1 across all reported periods. This indicates a healthy balance sheet and low financial risk.
Filing History
IRS 990 filing history for Milford Bank Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Milford Bank Foundation Inc's revenue has grown by 2210.6%, moving from $2K to $51K. Total assets increased by 97.9% over the same period, from $241K to $476K. Total functional expenses rose by 248%, from $14K to $48K. In its most recent filing year (2023), Milford Bank Foundation Inc reported a surplus of $3K, with revenue exceeding expenses. The organization holds $1 in liabilities against $476K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $476K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $51K | $48K | $476K | $1 | — | View 990 |
| 2022 | $101K | $108K | $445K | $1 | — | View 990 |
| 2021 | $150K | $17K | $472K | $1 | — | View 990 |
| 2020 | $25K | $17K | $339K | $1 | — | — |
| 2019 | $27K | $17K | $330K | $1 | — | View 990 |
| 2015 | $26K | $15K | $290K | $1 | — | View 990 |
| 2014 | $26K | $14K | $279K | $1 | — | View 990 |
| 2013 | $26K | $14K | $267K | $1 | — | View 990 |
| 2012 | $27K | $13K | $254K | $1 | — | View 990 |
| 2011 | $2K | $14K | $241K | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $51K, expenses of $48K, and assets of $476K (revenue -49.3% year-over-year).
- 2022: Revenue of $101K, expenses of $108K, and assets of $445K (revenue -32.6% year-over-year).
- 2021: Revenue of $150K, expenses of $17K, and assets of $472K (revenue +491.7% year-over-year).
- 2020: Revenue of $25K, expenses of $17K, and assets of $339K (revenue -4.9% year-over-year).
- 2019: Revenue of $27K, expenses of $17K, and assets of $330K (revenue +1.0% year-over-year).
- 2015: Revenue of $26K, expenses of $15K, and assets of $290K (revenue +0.0% year-over-year).
- 2014: Revenue of $26K, expenses of $14K, and assets of $279K (revenue +0.1% year-over-year).
- 2013: Revenue of $26K, expenses of $14K, and assets of $267K (revenue -0.9% year-over-year).
- 2012: Revenue of $27K, expenses of $13K, and assets of $254K (revenue +1098.4% year-over-year).
- 2011: Revenue of $2K, expenses of $14K, and assets of $241K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Milford Bank Foundation Inc:
Data Sources and Methodology
This transparency report for Milford Bank 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.