Narragansett Number One Foundation
Narragansett Number One Foundation maintains over $5M in assets with no reported officer compensation.
EIN: 10546133 · Bar Mills, ME · NTEE: T22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $2.2M |
| Total Expenses | $463K |
| Program Spending | 90% |
| CEO/Top Officer Pay | $5 |
| Net Assets | $5.4M |
| Transparency Score | 85/100 |
Is Narragansett Number One Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Narragansett Number One Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Narragansett Number One Foundation
Narragansett Number One Foundation (EIN: 10546133) is a nonprofit organization based in Bar Mills, ME, classified under NTEE code T22. The organization reported total revenue of $2.2M and total assets of $5.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Narragansett Number One Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Narragansett Number One Foundation is a mid-size nonprofit that has been operating for 25 years, with 10 years of IRS 990 filings on record (2012–2024). Revenue has grown at a compound annual rate of 7.7%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $443K |
| Total Expenses | $463K |
| Surplus / Deficit | $-20,443 |
| Total Assets | $5.4M |
| Total Liabilities | $1 |
| Net Assets | $5.4M |
| Operating Margin | -4.6% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 140.4 months |
Financial Health Grade: B
In 2024, Narragansett Number One Foundation reported a deficit of $20K with expenses exceeding revenue, holds 140.4 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 (2012–2024), Narragansett Number One Foundation's revenue has grown at a compound annual growth rate (CAGR) of 7.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | -9.8% | +9.2% | -0.4% |
| 2023 | -13.2% | +5.5% | +1.2% |
| 2022 | -37.5% | -18.9% | +3.1% |
| 2021 | +96.9% | +50.4% | +8.5% |
| 2020 | +304.6% | -12.7% | +6.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2001 |
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 Narragansett Number One Foundation with a Mission Score of 85 out of 100 (Excellent). 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: 90%
- fundraising: 0%
According to IRS 990 filings, Narragansett Number One Foundation allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $20K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
The Narragansett Number One Foundation consistently reports 0% officer compensation across all available filings, which is highly unusual for an organization with over $5 million in assets and annual revenues often exceeding $400,000. This suggests either a volunteer-led executive team or that executive compensation is categorized under other expense lines, warranting further investigation for complete transparency.
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 Narragansett Number One Foundation's IRS 990 filings:
- Unusually low (0%) reported officer compensation, which may obscure how leadership is compensated or structured.
- Lack of detailed expense breakdown beyond total expenses, making it difficult to precisely verify program spending efficiency.
Strengths
The following positive indicators were identified for Narragansett Number One Foundation:
- Strong financial stability with over $5 million in assets and minimal liabilities ($1 reported in most recent filings).
- Consistent history of IRS 990 filings, demonstrating transparency in reporting.
- No reported officer compensation, suggesting a highly efficient or volunteer-driven leadership structure.
- Consistent asset growth over the past decade, from $4,840,153 in 201206 to $5,422,988 in 202406.
Frequently Asked Questions about Narragansett Number One Foundation
Is Narragansett Number One Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Narragansett Number One Foundation (EIN: 10546133) some concerns. Mission Score: 85/100. 2 red flags identified, 4 strengths noted.
How does Narragansett Number One Foundation spend its money?
Narragansett Number One Foundation directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Narragansett Number One Foundation tax-deductible?
Narragansett Number One Foundation is registered as a tax-exempt nonprofit (EIN: 10546133). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Narragansett Number One Foundation CEO make?
Narragansett Number One Foundation's highest-compensated officer earns $5 annually. The organization reported $2.2M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
How does Narragansett Number One Foundation compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Narragansett Number One Foundation 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 Narragansett Number One Foundation located?
Narragansett Number One Foundation is headquartered in Bar Mills, Maine and files with the IRS under EIN 10546133. It is classified under NTEE code T22.
How many years of IRS 990 filings does Narragansett Number One Foundation have?
Narragansett Number One Foundation 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 $2.2M in total revenue.
How does Narragansett Number One Foundation manage its executive leadership without reporting any officer compensation?
The filings consistently show 0% officer compensation, which is atypical for an organization of this scale. This could indicate a fully volunteer-led executive team, or that compensation is paid through a related entity or categorized differently within the expense structure, which would require more detailed financial statements to clarify.
What is the specific breakdown of program spending versus administrative costs?
While the 990s provide total expenses, a detailed breakdown of program vs. administrative costs is not explicitly provided in the summary data. However, the absence of officer compensation suggests a very lean administrative overhead related to executive salaries, implying a high proportion of funds likely go towards programs, estimated at 90% given the NTEE code and lack of fundraising expenses.
How does the foundation generate its revenue, given its NTEE code as a Private Grantmaking Foundation?
As a Private Grantmaking Foundation (T22), its revenue likely comes from investment income, contributions from a limited number of donors (often a single family or corporation), or endowments, which it then uses to make grants to other organizations. The fluctuating revenue, such as $906,174 in 202106 and $443,047 in 202406, is consistent with investment performance or varying contribution levels.
Filing History
IRS 990 filing history for Narragansett Number One Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2012–2024), Narragansett Number One Foundation's revenue has grown by 144.1%, moving from $182K to $443K. Total assets increased by 12% over the same period, from $4.8M to $5.4M. Total functional expenses rose by 25.8%, from $368K to $463K. In its most recent filing year (2024), Narragansett Number One Foundation reported a deficit of $20K, with expenses exceeding revenue. The organization holds $1 in liabilities against $5.4M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $5.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $443K | $463K | $5.4M | $1 | — | View 990 |
| 2023 | $491K | $424K | $5.4M | $1 | — | View 990 |
| 2022 | $566K | $402K | $5.4M | $1 | — | View 990 |
| 2021 | $906K | $496K | $5.2M | $1 | — | View 990 |
| 2020 | $460K | $330K | $4.8M | $1 | — | — |
| 2016 | $114K | $378K | $4.5M | $1 | — | View 990 |
| 2015 | $524K | $439K | $4.8M | $1 | — | View 990 |
| 2014 | $314K | $414K | $4.7M | $1 | — | View 990 |
| 2013 | $304K | $347K | $4.8M | $1 | — | View 990 |
| 2012 | $182K | $368K | $4.8M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $443K, expenses of $463K, and assets of $5.4M (revenue -9.8% year-over-year).
- 2023: Revenue of $491K, expenses of $424K, and assets of $5.4M (revenue -13.2% year-over-year).
- 2022: Revenue of $566K, expenses of $402K, and assets of $5.4M (revenue -37.5% year-over-year).
- 2021: Revenue of $906K, expenses of $496K, and assets of $5.2M (revenue +96.9% year-over-year).
- 2020: Revenue of $460K, expenses of $330K, and assets of $4.8M (revenue +304.6% year-over-year).
- 2016: Revenue of $114K, expenses of $378K, and assets of $4.5M (revenue -78.3% year-over-year).
- 2015: Revenue of $524K, expenses of $439K, and assets of $4.8M (revenue +67.0% year-over-year).
- 2014: Revenue of $314K, expenses of $414K, and assets of $4.7M (revenue +3.2% year-over-year).
- 2013: Revenue of $304K, expenses of $347K, and assets of $4.8M (revenue +67.5% year-over-year).
- 2012: Revenue of $182K, expenses of $368K, and assets of $4.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Narragansett Number One Foundation:
Data Sources and Methodology
This transparency report for Narragansett Number One 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.