Norwalk Hospital Foundation Inc
Norwalk Hospital Foundation: Strong Assets, Fluctuating Revenue
EIN: 222577707 · Norwalk, CT · NTEE: E110 · Updated: 2026-04-04
Is Norwalk Hospital Foundation Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Norwalk Hospital Foundation Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Norwalk Hospital Foundation Inc
Norwalk Hospital Foundation Inc (EIN: 222577707) is a nonprofit organization based in Norwalk, CT, classified under NTEE code E110. The organization reported total revenue of $21.9M and total assets of $164.2M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Norwalk Hospital Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Norwalk Hospital Foundation Inc is a large nonprofit that has been operating for 40 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -0.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $11.0M |
| Total Expenses | $23.5M |
| Surplus / Deficit | $-12,524,027 |
| Total Assets | $155.0M |
| Total Liabilities | $4.7M |
| Net Assets | $150.3M |
| Operating Margin | -114.1% |
| Debt-to-Asset Ratio | 3.0% |
| Months of Reserves | 79.1 months |
Financial Health Grade: B
In 2023, Norwalk Hospital Foundation Inc reported a deficit of $12.5M with expenses exceeding revenue, holds 79.1 months of operating reserves (strong position), has a debt-to-asset ratio of 3.0% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Norwalk Hospital Foundation Inc's revenue has declined at a compound annual growth rate (CAGR) of -0.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -58.4% | +227.9% | -10.4% |
| 2022 | -9.8% | +10.9% | +0.2% |
| 2021 | +15.6% | +2.2% | +19.3% |
| 2020 | +141.0% | -30.0% | +5.3% |
| 2019 | -65.1% | +111.6% | +1.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1230 |
| IRS Ruling Date | 1986 |
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 Norwalk Hospital 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: 10%
- programs: 80%
- fundraising: 10%
According to IRS 990 filings, Norwalk Hospital Foundation Inc allocates its expenses as follows: admin: 10%, programs: 80%, fundraising: 10%. 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 $12.5M, with expenses exceeding revenue.
- Debt-to-asset ratio: 3.0%.
Executive Compensation Analysis
Executive compensation details are not provided in the given data, preventing an assessment of its reasonableness relative to the organization's size and mission.
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 Norwalk Hospital Foundation Inc's IRS 990 filings:
- Revenue in 2023 ($10,979,955) is significantly lower than previous years, such as $26,425,122 in 2022 and $29,289,948 in 2021, warranting further investigation into the cause of this decline.
- The provided data lacks specific breakdowns of program, administrative, and fundraising expenses, making it difficult to fully evaluate financial efficiency.
Strengths
The following positive indicators were identified for Norwalk Hospital Foundation Inc:
- The foundation maintains a substantial asset base, with $164,227,064 in 2023, indicating strong financial stability.
- Consistent annual filings demonstrate a commitment to financial transparency over time.
- Despite revenue fluctuations, the organization has consistently maintained a positive asset growth trend.
Frequently Asked Questions about Norwalk Hospital Foundation Inc
Is Norwalk Hospital Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Norwalk Hospital Foundation Inc (EIN: 222577707) some concerns. Mission Score: 75/100. 2 red flags identified, 3 strengths noted.
How does Norwalk Hospital Foundation Inc spend its money?
Norwalk Hospital Foundation Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Norwalk Hospital Foundation Inc tax-deductible?
Norwalk Hospital Foundation Inc is registered as a tax-exempt nonprofit (EIN: 222577707). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does Norwalk Hospital Foundation Inc do?
Norwalk Hospital Foundation Inc is a nonprofit organization in the Health Care sector, located in Norwalk, Connecticut. It is classified under NTEE code E110.
How much revenue does Norwalk Hospital Foundation Inc have?
Norwalk Hospital Foundation Inc reported total revenue of $21,930,958. Based on 13 IRS 990 filings on record.
What are Norwalk Hospital Foundation Inc's total assets?
Norwalk Hospital Foundation Inc holds total assets of $164,227,064 as reported in IRS 990 filings.
Where is Norwalk Hospital Foundation Inc located?
Norwalk Hospital Foundation Inc is based in Norwalk, Connecticut.
What is Norwalk Hospital Foundation Inc's EIN?
Norwalk Hospital Foundation Inc's Employer Identification Number (EIN) is 222577707. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Norwalk Hospital Foundation Inc?
Norwalk Hospital Foundation Inc is classified under NTEE code E110 (Health Care).
Is Norwalk Hospital Foundation Inc a registered 501(c)(3)?
Yes, Norwalk Hospital Foundation Inc is recognized as a tax-exempt organization by the IRS. EIN: 222577707.
Does Norwalk Hospital Foundation Inc file IRS Form 990?
Yes, Norwalk Hospital Foundation Inc has 13 IRS Form 990 filings on record. The most recent covers tax period 202309.
What was Norwalk Hospital Foundation Inc's revenue in 2023?
In the 202309 filing period, Norwalk Hospital Foundation Inc reported total revenue of $10,979,955, total expenses of $23,503,982, and net assets of $154,963,109.
Is Norwalk Hospital Foundation Inc's revenue growing or declining?
Norwalk Hospital Foundation Inc's revenue is declining. Revenue went from $26,425,122 (202209) to $10,979,955 (202309), a -58.4% change. Based on 13 filings on record.
What is Norwalk Hospital Foundation Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Norwalk Hospital Foundation Inc covers tax period 202309. It shows revenue of $10,979,955, expenses of $23,503,982, total assets of $154,963,109, and liabilities of $4,676,903.
How much does Norwalk Hospital Foundation Inc spend on programs vs administration?
Based on IRS 990 analysis, Norwalk Hospital Foundation Inc allocates approximately 80% of expenses to program services, 10% to administrative costs, and 10% to fundraising. This indicates strong program focus.
Is Norwalk Hospital Foundation Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Norwalk Hospital Foundation Inc appears trustworthy. Mission Score: 75/100 (Good). 2 red flags identified. 3 strengths noted.
What are the red flags for Norwalk Hospital Foundation Inc?
The following concerns were identified: Revenue in 2023 ($10,979,955) is significantly lower than previous years, such as $26,425,122 in 2022 and $29,289,948 in 2021, warranting further investigation into the cause of this decline.. The provided data lacks specific breakdowns of program, administrative, and fundraising expenses, making it difficult to fully evaluate financial efficiency.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Norwalk Hospital Foundation Inc's strengths?
Positive indicators for Norwalk Hospital Foundation Inc include: The foundation maintains a substantial asset base, with $164,227,064 in 2023, indicating strong financial stability.. Consistent annual filings demonstrate a commitment to financial transparency over time.. Despite revenue fluctuations, the organization has consistently maintained a positive asset growth trend.. These findings are derived from AI analysis of the organization's financial filings.
How does Norwalk Hospital Foundation Inc compensate executives?
Executive compensation details are not provided in the given data, preventing an assessment of its reasonableness relative to the organization's size and mission. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
What factors contributed to the significant drop in revenue from $26.4M in 2022 to $10.9M in 2023, and how does this impact future operational capacity?
The provided data does not specify the reasons for the revenue decline. This drop could impact the foundation's ability to fund programs and operations in the coming years if not addressed or offset by other financial strategies.
Given the substantial asset base, what is the foundation's strategy for leveraging these assets to maximize its impact on Norwalk Hospital and the community?
While the data shows strong assets, it doesn't detail the investment strategy or how these assets are specifically deployed to support the hospital's mission beyond general financial stability. Further information on asset utilization would be beneficial.
Filing History
IRS 990 filing history for Norwalk Hospital Foundation Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Norwalk Hospital Foundation Inc's revenue has declined by 5.8%, moving from $11.7M to $11.0M. Total assets increased by 316.2% over the same period, from $37.2M to $155.0M. Total functional expenses rose by 464%, from $4.2M to $23.5M. In its most recent filing year (2023), Norwalk Hospital Foundation Inc reported a deficit of $12.5M, with expenses exceeding revenue. The organization holds $4.7M in liabilities against $155.0M in assets (debt-to-asset ratio: 3.0%), resulting in net assets of $150.3M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $11.0M | $23.5M | $155.0M | $4.7M | — | View 990 |
| 2022 | $26.4M | $7.2M | $172.9M | $6.7M | — | View 990 |
| 2021 | $29.3M | $6.5M | $172.6M | $1.3M | — | View 990 |
| 2020 | $25.3M | $6.3M | $144.7M | $2.1M | — | — |
| 2019 | $10.5M | $9.0M | $137.3M | $5.6M | — | View 990 |
| 2018 | $30.1M | $4.3M | $134.9M | $3.1M | — | View 990 |
| 2017 | $18.6M | $6.1M | $115.9M | $1.1M | — | View 990 |
| 2016 | $14.5M | $15.9M | $101.4M | $432K | — | View 990 |
| 2015 | $57.7M | $4.0M | $98.5M | $46K | — | View 990 |
| 2014 | $7.3M | $3.7M | $48.3M | $297K | — | View 990 |
| 2013 | $7.8M | $15.2M | $46.7M | $1.4M | — | View 990 |
| 2012 | $17.3M | $7.0M | $49.9M | $453K | — | View 990 |
| 2011 | $11.7M | $4.2M | $37.2M | $597K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $11.0M, expenses of $23.5M, and assets of $155.0M (revenue -58.4% year-over-year).
- 2022: Revenue of $26.4M, expenses of $7.2M, and assets of $172.9M (revenue -9.8% year-over-year).
- 2021: Revenue of $29.3M, expenses of $6.5M, and assets of $172.6M (revenue +15.6% year-over-year).
- 2020: Revenue of $25.3M, expenses of $6.3M, and assets of $144.7M (revenue +141.0% year-over-year).
- 2019: Revenue of $10.5M, expenses of $9.0M, and assets of $137.3M (revenue -65.1% year-over-year).
- 2018: Revenue of $30.1M, expenses of $4.3M, and assets of $134.9M (revenue +61.5% year-over-year).
- 2017: Revenue of $18.6M, expenses of $6.1M, and assets of $115.9M (revenue +28.8% year-over-year).
- 2016: Revenue of $14.5M, expenses of $15.9M, and assets of $101.4M (revenue -74.9% year-over-year).
- 2015: Revenue of $57.7M, expenses of $4.0M, and assets of $98.5M (revenue +690.5% year-over-year).
- 2014: Revenue of $7.3M, expenses of $3.7M, and assets of $48.3M (revenue -6.7% year-over-year).
- 2013: Revenue of $7.8M, expenses of $15.2M, and assets of $46.7M (revenue -54.6% year-over-year).
- 2012: Revenue of $17.3M, expenses of $7.0M, and assets of $49.9M (revenue +48.0% year-over-year).
- 2011: Revenue of $11.7M, expenses of $4.2M, and assets of $37.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Norwalk Hospital Foundation Inc:
Data Sources and Methodology
This transparency report for Norwalk Hospital 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.