Old Bug Light Charitable Foundation
Old Bug Light Charitable Foundation faces recent operational deficits despite substantial assets and no reported executive compensation.
EIN: 10514859 · Portland, ME · NTEE: T20Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $1.6M |
| Total Expenses | $183K |
| Program Spending | 70% |
| Net Assets | $2.1M |
| Transparency Score | 65/100 |
Is Old Bug Light Charitable Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Old Bug Light Charitable Foundation directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Old Bug Light Charitable Foundation
Old Bug Light Charitable Foundation (EIN: 10514859) is a nonprofit organization based in Portland, ME, classified under NTEE code T20Z. The organization reported total revenue of $1.6M and total assets of $2.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Old Bug Light Charitable Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Old Bug Light Charitable Foundation is a mid-size nonprofit that has been operating for 28 years, with 10 years of IRS 990 filings on record (2012–2024). Revenue has grown at a compound annual rate of -11.2%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $48K |
| Total Expenses | $183K |
| Surplus / Deficit | $-134,256 |
| Total Assets | $2.1M |
| Total Liabilities | $1 |
| Net Assets | $2.1M |
| Operating Margin | -277.7% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 137.7 months |
Financial Health Grade: B
In 2024, Old Bug Light Charitable Foundation reported a deficit of $134K with expenses exceeding revenue, holds 137.7 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), Old Bug Light Charitable Foundation's revenue has declined at a compound annual growth rate (CAGR) of -11.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -100.9% | +10.4% | -10.2% |
| 2022 | +752.2% | +14.7% | +70.8% |
| 2021 | +163.5% | +1.3% | +4.4% |
| 2020 | -68.5% | +1.5% | -20.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1998 |
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 Old Bug Light Charitable Foundation with a Mission Score of 65 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, Old Bug Light Charitable Foundation allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $134K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the organization's leadership is either entirely volunteer-based or compensated through other means not reported as officer compensation, which is a positive sign for resource allocation relative to the organization's size and revenue.
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 Old Bug Light Charitable Foundation's IRS 990 filings:
- Consistent operational deficits in recent years (e.g., 202403: $48,340 revenue vs. $182,596 expenses; 202303: negative revenue vs. $236,404 expenses).
- Significant revenue volatility, with a large outlier in 202203 ($1,873,393) suggesting reliance on infrequent major contributions.
- Negative revenue reported in 202303, which is an unusual and concerning financial event.
- Lack of detailed expense breakdown (program, admin, fundraising) in the provided summary makes efficiency analysis difficult.
Strengths
The following positive indicators were identified for Old Bug Light Charitable Foundation:
- Maintains a healthy asset base ($2,328,281 latest assets), providing a buffer against operational shortfalls.
- No reported officer compensation across all filings, indicating a potentially volunteer-driven leadership and efficient use of funds at the executive level.
- Consistent filing of IRS Form 990s over a decade demonstrates a commitment to transparency and regulatory compliance.
- Very low reported liabilities ($1 in most years), suggesting minimal debt burden.
Frequently Asked Questions about Old Bug Light Charitable Foundation
Is Old Bug Light Charitable Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Old Bug Light Charitable Foundation (EIN: 10514859) some concerns. Mission Score: 65/100. 4 red flags identified, 4 strengths noted.
How does Old Bug Light Charitable Foundation spend its money?
Old Bug Light Charitable Foundation directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Old Bug Light Charitable Foundation tax-deductible?
Old Bug Light Charitable Foundation is registered as a tax-exempt nonprofit (EIN: 10514859). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Old Bug Light Charitable Foundation's spending goes to programs?
Old Bug Light Charitable Foundation directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
How does Old Bug Light Charitable Foundation compare to similar nonprofits?
With a transparency score of 65/100 (Good), Old Bug Light Charitable Foundation is above average for NTEE category T20Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Old Bug Light Charitable Foundation located?
Old Bug Light Charitable Foundation is headquartered in Portland, Maine and files with the IRS under EIN 10514859. It is classified under NTEE code T20Z.
How many years of IRS 990 filings does Old Bug Light Charitable Foundation have?
Old Bug Light Charitable 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 $1.6M in total revenue.
Why did the organization report negative revenue in the 202303 period?
Negative revenue can occur due to various reasons such as significant returns of contributions, adjustments for prior period errors, or specific accounting treatments for certain types of income. Further detail from the 990's Statement of Revenue would be needed to understand the exact cause.
What specific programs or activities does the Old Bug Light Charitable Foundation fund?
The provided data does not detail specific program activities. To understand this, one would need to review Part III, Statement of Program Service Accomplishments, within the full IRS Form 990 filings.
How does the organization plan to address its recent operational deficits?
The financial data shows recent expenses exceeding revenue (e.g., 202403: $48,340 revenue vs. $182,596 expenses). The organization would need to either increase fundraising efforts or reduce operational costs to achieve financial sustainability. The 990 filings do not provide strategic plans for addressing deficits.
What is the nature of the consistent $1 liability reported in most filings?
A consistent $1 liability is highly unusual and could be a placeholder or an artifact of accounting software. It's unlikely to represent a material financial obligation and might indicate a need for clarification in their financial reporting.
Filing History
IRS 990 filing history for Old Bug Light Charitable Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2012–2024), Old Bug Light Charitable Foundation's revenue has declined by 75.9%, moving from $201K to $48K. Total assets increased by 2.6% over the same period, from $2.0M to $2.1M. Total functional expenses fell by 22%, from $234K to $183K. In its most recent filing year (2024), Old Bug Light Charitable Foundation reported a deficit of $134K, with expenses exceeding revenue. The organization holds $1 in liabilities against $2.1M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $2.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $48K | $183K | $2.1M | $1 | — | — |
| 2023 | $-17,218 | $236K | $2.2M | $1 | — | View 990 |
| 2022 | $1.9M | $214K | $2.5M | $1 | — | View 990 |
| 2021 | $220K | $187K | $1.5M | $1 | — | View 990 |
| 2020 | $83K | $184K | $1.4M | $1 | — | View 990 |
| 2016 | $264K | $182K | $1.7M | $1 | — | View 990 |
| 2015 | $184K | $194K | $1.7M | $1 | — | View 990 |
| 2014 | $171K | $492K | $1.7M | $1 | — | View 990 |
| 2013 | $194K | $239K | $2.0M | $1 | — | View 990 |
| 2012 | $201K | $234K | $2.0M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $48K, expenses of $183K, and assets of $2.1M.
- 2023: Revenue of $-17,218, expenses of $236K, and assets of $2.2M (revenue -100.9% year-over-year).
- 2022: Revenue of $1.9M, expenses of $214K, and assets of $2.5M (revenue +752.2% year-over-year).
- 2021: Revenue of $220K, expenses of $187K, and assets of $1.5M (revenue +163.5% year-over-year).
- 2020: Revenue of $83K, expenses of $184K, and assets of $1.4M (revenue -68.5% year-over-year).
- 2016: Revenue of $264K, expenses of $182K, and assets of $1.7M (revenue +44.0% year-over-year).
- 2015: Revenue of $184K, expenses of $194K, and assets of $1.7M (revenue +7.1% year-over-year).
- 2014: Revenue of $171K, expenses of $492K, and assets of $1.7M (revenue -11.6% year-over-year).
- 2013: Revenue of $194K, expenses of $239K, and assets of $2.0M (revenue -3.4% year-over-year).
- 2012: Revenue of $201K, expenses of $234K, and assets of $2.0M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Old Bug Light Charitable Foundation:
Data Sources and Methodology
This transparency report for Old Bug Light Charitable 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.