Mill Reef Fund
Mill Reef Fund experiences fluctuating revenues and expenses, with occasional significant deficits, but maintains low liabilities and no reported officer compensation.
EIN: 136162947 · Greenwich, CT · NTEE: T90Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $792K |
| Total Expenses | $594K |
| Program Spending | 80% |
| CEO/Top Officer Pay | $800,000 |
| Net Assets | $717K |
| Transparency Score | 75/100 |
Is Mill Reef Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Mill Reef Fund directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Mill Reef Fund
Mill Reef Fund (EIN: 136162947) is a nonprofit organization based in Greenwich, CT, classified under NTEE code T90Z. The organization reported total revenue of $792K and total assets of $904K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Mill Reef Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Mill Reef Fund is a small nonprofit that has been operating for 76 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $690K |
| Total Expenses | $594K |
| Surplus / Deficit | +$97K |
| Total Assets | $720K |
| Total Liabilities | $3K |
| Net Assets | $717K |
| Operating Margin | 14.0% |
| Debt-to-Asset Ratio | 0.4% |
| Months of Reserves | 14.6 months |
Financial Health Grade: A
In 2023, Mill Reef Fund reported a surplus of $97K with revenue exceeding expenses, holds 14.6 months of operating reserves (strong position), has a debt-to-asset ratio of 0.4% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Mill Reef Fund's revenue has grown at a compound annual growth rate (CAGR) of 3.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +12.2% | -31.4% | +15.5% |
| 2022 | +0.6% | +75.0% | -28.6% |
| 2021 | +24.4% | -49.4% | +15.5% |
| 2020 | -32.1% | +52.7% | -39.1% |
| 2019 | +20.9% | +40.4% | +7.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1950 |
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 Mill Reef Fund 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, Mill Reef Fund 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 $97K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.4%.
Executive Compensation Analysis
The Mill Reef Fund consistently reports 0% officer compensation across all available filings, indicating that its leadership either serves on a volunteer basis or is compensated through other means not categorized as 'officer compensation' on the 990. This suggests a highly efficient use of funds regarding executive overhead, especially for an organization with revenues reaching nearly $800,000 in its latest period.
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 Mill Reef Fund's IRS 990 filings:
- Significant expense-to-revenue deficits in multiple years (e.g., 2022: $249,708 deficit; 2020: $485,189 deficit)
- Volatile revenue streams, making long-term financial planning challenging
- Fluctuating asset base, indicating potential instability in reserves or investment performance
Strengths
The following positive indicators were identified for Mill Reef Fund:
- Consistently low liabilities (typically under $3,000), indicating minimal debt burden
- No reported officer compensation, suggesting efficient use of funds for leadership costs
- Positive net assets in most reporting periods, demonstrating financial solvency
Frequently Asked Questions about Mill Reef Fund
Is Mill Reef Fund a legitimate charity?
Mill Reef Fund (EIN: 136162947) is a registered tax-exempt nonprofit based in Connecticut. Our AI analysis gives it a Mission Score of 75/100. It has 13 years of IRS 990 filings on record. Total revenue: $792K. 3 red flags identified. 3 strengths noted. Financial health grade: A.
How does Mill Reef Fund spend its money?
Mill Reef Fund directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Mill Reef Fund tax-deductible?
Mill Reef Fund is registered as a tax-exempt nonprofit (EIN: 136162947). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Mill Reef Fund CEO make?
Mill Reef Fund's highest-compensated officer earns $800,000 annually. The organization reported $792K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Mill Reef Fund's spending goes to programs?
Mill Reef Fund directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Mill Reef Fund compare to similar nonprofits?
With a transparency score of 75/100 (Good), Mill Reef Fund is above average for NTEE category T90Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Mill Reef Fund located?
Mill Reef Fund is headquartered in Greenwich, Connecticut and files with the IRS under EIN 136162947. It is classified under NTEE code T90Z.
How many years of IRS 990 filings does Mill Reef Fund have?
Mill Reef Fund has 13 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 $792K in total revenue.
Is the Mill Reef Fund financially stable given its fluctuating revenues and expenses?
While the fund has experienced significant deficits in certain years (e.g., 2022 with expenses exceeding revenue by over $200,000), its low liabilities and positive net assets in most periods suggest a degree of stability. However, the volatility indicates a need for robust financial planning to mitigate future deficits.
What is the nature of the 'Officer Comp=0%' reported across all filings?
The consistent reporting of 0% officer compensation suggests that the organization's leadership may be entirely volunteer-based, or that any compensation provided is not categorized as 'officer compensation' on the 990. This is a positive indicator for minimizing administrative overhead.
How does the Mill Reef Fund manage its assets given the significant fluctuations?
The fund's assets have varied, from a high of $1,241,186 in 2019 to a low of $437,996 in 2014. This fluctuation could be due to investment performance, capital expenditures, or the timing of large donations and disbursements. Further detail would be needed to understand the asset management strategy.
Filing History
IRS 990 filing history for Mill Reef Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Mill Reef Fund's revenue has grown by 51.8%, moving from $455K to $690K. Total assets increased by 38.6% over the same period, from $520K to $720K. Total functional expenses rose by 167.8%, from $222K to $594K. In its most recent filing year (2023), Mill Reef Fund reported a surplus of $97K, with revenue exceeding expenses. The organization holds $3K in liabilities against $720K in assets (debt-to-asset ratio: 0.4%), resulting in net assets of $717K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $690K | $594K | $720K | $3K | — | View 990 |
| 2022 | $615K | $865K | $624K | $3K | — | View 990 |
| 2021 | $611K | $494K | $873K | $3K | — | View 990 |
| 2020 | $491K | $977K | $756K | $3K | — | — |
| 2019 | $724K | $640K | $1.2M | $3K | — | View 990 |
| 2018 | $599K | $456K | $1.2M | $3K | — | View 990 |
| 2017 | $874K | $359K | $1.0M | $3K | — | View 990 |
| 2016 | $357K | $384K | $500K | $3K | — | View 990 |
| 2015 | $516K | $428K | $526K | $3K | — | View 990 |
| 2014 | $570K | $608K | $438K | $3K | — | View 990 |
| 2013 | $522K | $517K | $476K | $3K | — | View 990 |
| 2012 | $357K | $403K | $471K | $2K | — | View 990 |
| 2011 | $455K | $222K | $520K | $5K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $690K, expenses of $594K, and assets of $720K (revenue +12.2% year-over-year).
- 2022: Revenue of $615K, expenses of $865K, and assets of $624K (revenue +0.6% year-over-year).
- 2021: Revenue of $611K, expenses of $494K, and assets of $873K (revenue +24.4% year-over-year).
- 2020: Revenue of $491K, expenses of $977K, and assets of $756K (revenue -32.1% year-over-year).
- 2019: Revenue of $724K, expenses of $640K, and assets of $1.2M (revenue +20.9% year-over-year).
- 2018: Revenue of $599K, expenses of $456K, and assets of $1.2M (revenue -31.5% year-over-year).
- 2017: Revenue of $874K, expenses of $359K, and assets of $1.0M (revenue +144.5% year-over-year).
- 2016: Revenue of $357K, expenses of $384K, and assets of $500K (revenue -30.7% year-over-year).
- 2015: Revenue of $516K, expenses of $428K, and assets of $526K (revenue -9.5% year-over-year).
- 2014: Revenue of $570K, expenses of $608K, and assets of $438K (revenue +9.1% year-over-year).
- 2013: Revenue of $522K, expenses of $517K, and assets of $476K (revenue +46.4% year-over-year).
- 2012: Revenue of $357K, expenses of $403K, and assets of $471K (revenue -21.6% year-over-year).
- 2011: Revenue of $455K, expenses of $222K, and assets of $520K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Mill Reef Fund:
Data Sources and Methodology
This transparency report for Mill Reef Fund 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.