Open Minds Inc
Open Minds Inc. maintains stable revenue and strong asset growth with no reported officer compensation.
EIN: 202395601 · Memphis, TN · NTEE: P20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $157K |
| Total Expenses | $135K |
| Program Spending | 80% |
| CEO/Top Officer Pay | $150,000 |
| Net Assets | $311K |
| Transparency Score | 85/100 |
Is Open Minds Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Open Minds Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Open Minds Inc
Open Minds Inc (EIN: 202395601) is a nonprofit organization based in Memphis, TN, classified under NTEE code P20. The organization reported total revenue of $157K and total assets of $311K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Open Minds Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Open Minds Inc is a small nonprofit that has been operating for 20 years, with 12 years of IRS 990 filings on record (2009–2021). Revenue has grown at a compound annual rate of 2.3%.
Key Financial Metrics (2021)
From the most recent IRS 990 filing on record:
| Total Revenue | $157K |
| Total Expenses | $135K |
| Surplus / Deficit | +$22K |
| Total Assets | $311K |
| Net Assets | $311K |
| Operating Margin | 13.8% |
| Months of Reserves | 27.6 months |
Financial Health Grade: A
In 2021, Open Minds Inc reported a surplus of $22K with revenue exceeding expenses, holds 27.6 months of operating reserves (strong position).
Financial Trends
Over 12 years of filings (2009–2021), Open Minds Inc's revenue has grown at a compound annual growth rate (CAGR) of 2.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2021 | -1.5% | -14.9% | +7.5% |
| 2020 | -1.2% | -10.5% | +0.2% |
| 2019 | -1.1% | +7.3% | -5.3% |
| 2018 | +1.3% | -2.2% | +15788.5% |
| 2017 | -6.4% | -9.4% | -80.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2006 |
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 Open Minds Inc 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Open Minds Inc 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 (2021)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $22K, with revenue exceeding expenses.
Executive Compensation Analysis
Open Minds Inc. reports 0% officer compensation across all 12 available filings, indicating that no salaries were paid to officers, which is highly unusual and suggests a volunteer-led or very lean executive structure for an organization with over $150,000 in annual 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 Open Minds Inc's IRS 990 filings:
- Lack of detailed expense breakdown (program, admin, fundraising) in provided data
- No reported officer compensation, which, while positive, can sometimes indicate a lack of transparency if executives are compensated through other means not categorized as 'officer compensation'
Strengths
The following positive indicators were identified for Open Minds Inc:
- Consistent financial stability with stable revenue
- Significant asset growth from $1,920 in 2017 to $311,116 in 2021
- Zero reported liabilities across all 12 filings
- 0% officer compensation reported, indicating high dedication of funds to mission
- Expenses consistently managed below or near revenue, leading to surpluses
Frequently Asked Questions about Open Minds Inc
Is Open Minds Inc a legitimate charity?
Open Minds Inc (EIN: 202395601) is a registered tax-exempt nonprofit based in Tennessee. Our AI analysis gives it a Mission Score of 85/100. It has 12 years of IRS 990 filings on record. Total revenue: $157K. 2 red flags identified. 5 strengths noted. Financial health grade: A.
How does Open Minds Inc spend its money?
Open Minds Inc directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Open Minds Inc tax-deductible?
Open Minds Inc is registered as a tax-exempt nonprofit (EIN: 202395601). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Open Minds Inc CEO make?
Open Minds Inc's highest-compensated officer earns $150,000 annually. The organization reported $157K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Open Minds Inc's spending goes to programs?
Open Minds Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Open Minds Inc compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Open Minds Inc is above average for NTEE category P20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Open Minds Inc located?
Open Minds Inc is headquartered in Memphis, Tennessee and files with the IRS under EIN 202395601. It is classified under NTEE code P20.
How many years of IRS 990 filings does Open Minds Inc have?
Open Minds Inc has 12 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 $157K in total revenue.
Is Open Minds Inc. a good charity?
Based on the available financial data, Open Minds Inc. appears to be a well-managed charity. It consistently operates without liabilities, has grown its assets significantly (from $1,920 in 2017 to $311,116 in 2021), and reports no officer compensation, suggesting a strong commitment to its mission and efficient use of funds.
How has Open Minds Inc.'s financial health changed over time?
Open Minds Inc. has shown consistent financial stability with revenues generally between $150,000 and $180,000. A notable improvement is the significant growth in assets from $1,920 in 2017 to $311,116 in 2021, while maintaining zero liabilities, indicating strong financial management and accumulation of reserves.
What is the significance of 0% officer compensation?
The 0% officer compensation across all filings is highly significant. It suggests that the organization's leadership may be entirely volunteer-based or that executive salaries are covered by other means not reported as officer compensation, allowing a greater proportion of funds to be directed towards programs.
Filing History
IRS 990 filing history for Open Minds Inc showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2009–2021), Open Minds Inc's revenue has grown by 30.6%, moving from $120K to $157K. Total assets increased by 1570.2% over the same period, from $19K to $311K. Total functional expenses rose by 14.2%, from $118K to $135K. In its most recent filing year (2021), Open Minds Inc reported a surplus of $22K, with revenue exceeding expenses.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2021 | $157K | $135K | $311K | $0 | — | — |
| 2020 | $159K | $159K | $289K | $0 | — | — |
| 2019 | $161K | $177K | $289K | $0 | — | View 990 |
| 2018 | $163K | $165K | $305K | $0 | — | View 990 |
| 2017 | $161K | $169K | $2K | $0 | — | View 990 |
| 2016 | $172K | $187K | $10K | $0 | — | View 990 |
| 2015 | $181K | $182K | $25K | $0 | — | View 990 |
| 2014 | $181K | $189K | $26K | $0 | — | View 990 |
| 2013 | $180K | $184K | $33K | $0 | — | View 990 |
| 2012 | $174K | $170K | $37K | $0 | — | View 990 |
| 2011 | $176K | $167K | $34K | $0 | — | View 990 |
| 2009 | $120K | $118K | $19K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2021: Revenue of $157K, expenses of $135K, and assets of $311K (revenue -1.5% year-over-year).
- 2020: Revenue of $159K, expenses of $159K, and assets of $289K (revenue -1.2% year-over-year).
- 2019: Revenue of $161K, expenses of $177K, and assets of $289K (revenue -1.1% year-over-year).
- 2018: Revenue of $163K, expenses of $165K, and assets of $305K (revenue +1.3% year-over-year).
- 2017: Revenue of $161K, expenses of $169K, and assets of $2K (revenue -6.4% year-over-year).
- 2016: Revenue of $172K, expenses of $187K, and assets of $10K (revenue -4.7% year-over-year).
- 2015: Revenue of $181K, expenses of $182K, and assets of $25K (revenue -0.5% year-over-year).
- 2014: Revenue of $181K, expenses of $189K, and assets of $26K (revenue +0.6% year-over-year).
- 2013: Revenue of $180K, expenses of $184K, and assets of $33K (revenue +3.6% year-over-year).
- 2012: Revenue of $174K, expenses of $170K, and assets of $37K (revenue -1.1% year-over-year).
- 2011: Revenue of $176K, expenses of $167K, and assets of $34K (revenue +46.5% year-over-year).
- 2009: Revenue of $120K, expenses of $118K, and assets of $19K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Open Minds Inc:
Data Sources and Methodology
This transparency report for Open Minds 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.