Norwood Foundation
Norwood Foundation shows highly volatile revenue and expense patterns with significant asset growth and zero reported officer compensation.
EIN: 10705471 · Colorado Spgs, CO · NTEE: T22 · Updated: 2026-03-27
Is Norwood Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Norwood Foundation directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Norwood Foundation
Norwood Foundation (EIN: 10705471) is a nonprofit organization based in Colorado Spgs, CO, classified under NTEE code T22. The organization reported total revenue of $33.1M and total assets of $82.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Norwood Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Norwood Foundation with a Mission Score of 60 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, Norwood Foundation allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers or key employees received compensation, which is highly unusual for an organization of its size and asset base and suggests either volunteer leadership or compensation is reported under other categories.
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 Norwood Foundation's IRS 990 filings:
- Highly volatile and inconsistent revenue streams, including negative revenue in 202102.
- Significant discrepancy between revenue and expenses in multiple periods (e.g., 202312 revenue $19.4M vs. expenses $2.8M), indicating large unspent income.
- Unusually high asset growth without clear corresponding program spending increases.
- 0% reported officer compensation for an organization with tens of millions in assets, which could indicate hidden compensation or an unsustainable operational model.
Strengths
The following positive indicators were identified for Norwood Foundation:
- No reported officer compensation, indicating low executive overhead.
- Substantial asset base ($82,614,788) provides significant financial capacity.
- Consistent filing history (11 filings) demonstrates compliance with IRS reporting requirements.
Frequently Asked Questions about Norwood Foundation
Is Norwood Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Norwood Foundation (EIN: 10705471) some concerns. Mission Score: 60/100. 4 red flags identified, 3 strengths noted.
How does Norwood Foundation spend its money?
Norwood Foundation directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Norwood Foundation tax-deductible?
Norwood Foundation is registered as a tax-exempt nonprofit (EIN: 10705471). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Why did Norwood Foundation report negative revenue in 202102?
The filing for period 202102 shows a revenue of $-1,189,569, which is highly unusual and requires clarification regarding the nature of this negative income, such as significant investment losses or accounting adjustments.
How does Norwood Foundation manage to operate with 0% officer compensation?
All available filings indicate 0% officer compensation. This suggests either a fully volunteer-led organization, or that compensation for key personnel is categorized differently, which would require further investigation.
What is the primary purpose of the significant asset accumulation?
The organization's assets have grown from $1,653 in 201602 to $82,614,788 currently. This substantial growth, especially relative to its expenses in many periods, suggests a focus on endowment building or investment activities, rather than immediate program deployment.
What are the specific program activities and their associated costs?
Without a detailed breakdown of expenses beyond total expenses, it's difficult to ascertain the specific programs Norwood Foundation supports and the proportion of spending allocated to them.
Filing History
IRS 990 filing history for Norwood Foundation showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2012–2023), Norwood Foundation's revenue has grown by 1887.9%, moving from $978K to $19.4M. Total assets increased by 704462.9% over the same period, from $8K to $56.0M. Total functional expenses rose by 195.1%, from $971K to $2.9M. In its most recent filing year (2023), Norwood Foundation reported a surplus of $16.6M, with revenue exceeding expenses. The organization holds $383K in liabilities against $56.0M in assets (debt-to-asset ratio: 0.7%), resulting in net assets of $55.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $19.4M | $2.9M | $56.0M | $383K | — | — |
| 2023 | $21.6M | $2.6M | $39.0M | $32K | — | View 990 |
| 2022 | $378K | $1.4M | $20.0M | $4K | — | View 990 |
| 2021 | $-1,189,569 | $653K | $21.0M | $1 | — | View 990 |
| 2020 | $603K | $501K | $22.8M | $157 | — | View 990 |
| 2019 | $10.2M | $1.3M | $22.6M | $3K | — | View 990 |
| 2016 | $1.2M | $1.2M | $2K | $0 | — | View 990 |
| 2015 | $679K | $677K | $4K | $0 | — | View 990 |
| 2014 | $1.2M | $1.2M | $2K | $0 | — | View 990 |
| 2013 | $1.4M | $1.4M | $20K | $0 | — | View 990 |
| 2012 | $978K | $971K | $8K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $19.4M, expenses of $2.9M, and assets of $56.0M (revenue -10.1% year-over-year).
- 2023: Revenue of $21.6M, expenses of $2.6M, and assets of $39.0M (revenue +5615.3% year-over-year).
- 2022: Revenue of $378K, expenses of $1.4M, and assets of $20.0M.
- 2021: Revenue of $-1,189,569, expenses of $653K, and assets of $21.0M (revenue -297.4% year-over-year).
- 2020: Revenue of $603K, expenses of $501K, and assets of $22.8M (revenue -94.1% year-over-year).
- 2019: Revenue of $10.2M, expenses of $1.3M, and assets of $22.6M (revenue +752.7% year-over-year).
- 2016: Revenue of $1.2M, expenses of $1.2M, and assets of $2K (revenue +76.5% year-over-year).
- 2015: Revenue of $679K, expenses of $677K, and assets of $4K (revenue -42.2% year-over-year).
- 2014: Revenue of $1.2M, expenses of $1.2M, and assets of $2K (revenue -17.6% year-over-year).
- 2013: Revenue of $1.4M, expenses of $1.4M, and assets of $20K (revenue +45.7% year-over-year).
- 2012: Revenue of $978K, expenses of $971K, and assets of $8K.
Data Sources and Methodology
This transparency report for Norwood 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.