Palms For Life Fund Inc
Palms For Life Fund Inc experiences rapid revenue growth with zero reported executive compensation.
EIN: 161760622 · Bronxville, NY · NTEE: M20 · Updated: 2026-03-28
Is Palms For Life Fund Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Palms For Life Fund Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Palms For Life Fund Inc
Palms For Life Fund Inc (EIN: 161760622) is a nonprofit organization based in Bronxville, NY, classified under NTEE code M20. The organization reported total revenue of $5.3M and total assets of $1.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Palms For Life Fund Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Palms For Life Fund Inc is a mid-size nonprofit that has been operating for 20 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 24.0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $5.8M |
| Total Expenses | $5.1M |
| Surplus / Deficit | +$658K |
| Total Assets | $1.4M |
| Total Liabilities | $143K |
| Net Assets | $1.3M |
| Operating Margin | 11.4% |
| Debt-to-Asset Ratio | 10.1% |
| Months of Reserves | 3.3 months |
Financial Health Grade: A
In 2023, Palms For Life Fund Inc reported a surplus of $658K with revenue exceeding expenses, holds 3.3 months of operating reserves (adequate), has a debt-to-asset ratio of 10.1% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Palms For Life Fund Inc's revenue has grown at a compound annual growth rate (CAGR) of 24.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +31.9% | +13.7% | +82.8% |
| 2022 | +84.3% | +165.3% | -6.3% |
| 2021 | +1124.3% | +1257.8% | +426.3% |
| 2020 | +87.1% | -3.5% | +162.7% |
| 2019 | +1.6% | +27.4% | -30.6% |
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 Palms For Life Fund Inc with a Mission Score of 92 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: 7%
- programs: 90%
- fundraising: 3%
According to IRS 990 filings, Palms For Life Fund Inc allocates its expenses as follows: admin: 7%, programs: 90%, fundraising: 3%. With 90% 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 surplus of $658K, with revenue exceeding expenses.
- Debt-to-asset ratio: 10.1%.
Executive Compensation Analysis
Palms For Life Fund Inc consistently reports 0% officer compensation across all available filings, indicating that no salaries are paid to its officers. This is highly unusual for an organization with revenue exceeding $5 million and suggests a volunteer-led executive team or alternative compensation structures not reported as officer compensation.
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 Palms For Life Fund Inc's IRS 990 filings:
- Unusually low administrative and fundraising expenses for an organization of its size, which might indicate underreporting or reliance on external support not captured in these categories.
- 0% officer compensation for an organization with over $5 million in revenue is highly unusual and warrants further investigation into how leadership is compensated or sustained.
Strengths
The following positive indicators were identified for Palms For Life Fund Inc:
- Exceptional revenue growth, particularly from 2020 to 2023, demonstrating increased impact and funding.
- Consistent reporting of 0% officer compensation, indicating a strong commitment to directing funds to programs.
- Healthy asset accumulation, with assets growing to $1,416,604 in 2023, providing financial stability.
- Low liabilities relative to assets, suggesting prudent financial management.
- Consistent filing history (13 filings) indicating good transparency practices.
Frequently Asked Questions about Palms For Life Fund Inc
Is Palms For Life Fund Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Palms For Life Fund Inc (EIN: 161760622) some concerns. Mission Score: 92/100. 2 red flags identified, 5 strengths noted.
How does Palms For Life Fund Inc spend its money?
Palms For Life Fund Inc directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Palms For Life Fund Inc tax-deductible?
Palms For Life Fund Inc is registered as a tax-exempt nonprofit (EIN: 161760622). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Palms For Life Fund Inc a good charity?
Based on the available IRS 990 data, Palms For Life Fund Inc appears to be a very good charity. It demonstrates strong financial growth, efficient spending with 0% officer compensation, and a healthy asset-to-liability ratio.
How has Palms For Life Fund Inc's revenue changed over time?
Palms For Life Fund Inc has experienced dramatic revenue growth, particularly in recent years. Revenue surged from $193,925 in 2020 to $5,772,982 in 2023, representing a nearly 30-fold increase in just three years.
What is the organization's approach to executive compensation?
The organization reports 0% officer compensation in all available filings, indicating that its officers do not receive salaries from the organization. This suggests a volunteer-driven leadership or that compensation is structured in a way not reported as officer compensation on the 990.
Is Palms For Life Fund Inc financially stable?
Yes, Palms For Life Fund Inc appears financially stable. Its assets have grown significantly to $1,416,604 in 2023, while liabilities remain relatively low at $143,217, indicating a strong financial position.
Filing History
IRS 990 filing history for Palms For Life Fund Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Palms For Life Fund Inc's revenue has grown by 1224.2%, moving from $436K to $5.8M. Total assets increased by 1470% over the same period, from $90K to $1.4M. Total functional expenses rose by 1052.7%, from $444K to $5.1M. In its most recent filing year (2023), Palms For Life Fund Inc reported a surplus of $658K, with revenue exceeding expenses. The organization holds $143K in liabilities against $1.4M in assets (debt-to-asset ratio: 10.1%), resulting in net assets of $1.3M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $5.8M | $5.1M | $1.4M | $143K | — | — |
| 2022 | $4.4M | $4.5M | $775K | $76K | — | View 990 |
| 2021 | $2.4M | $1.7M | $827K | $21K | — | View 990 |
| 2020 | $194K | $125K | $157K | $30K | — | View 990 |
| 2019 | $104K | $129K | $60K | $2K | — | View 990 |
| 2018 | $102K | $102K | $86K | $2K | — | View 990 |
| 2017 | $147K | $118K | $86K | $3K | — | View 990 |
| 2016 | $103K | $113K | $56K | $2K | — | View 990 |
| 2015 | $120K | $96K | $65K | $1K | — | View 990 |
| 2014 | $149K | $192K | $41K | $917 | — | View 990 |
| 2013 | $558K | $534K | $89K | $5K | — | View 990 |
| 2012 | $1.0M | $994K | $132K | $72K | — | View 990 |
| 2011 | $436K | $444K | $90K | $70K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $5.8M, expenses of $5.1M, and assets of $1.4M (revenue +31.9% year-over-year).
- 2022: Revenue of $4.4M, expenses of $4.5M, and assets of $775K (revenue +84.3% year-over-year).
- 2021: Revenue of $2.4M, expenses of $1.7M, and assets of $827K (revenue +1124.3% year-over-year).
- 2020: Revenue of $194K, expenses of $125K, and assets of $157K (revenue +87.1% year-over-year).
- 2019: Revenue of $104K, expenses of $129K, and assets of $60K (revenue +1.6% year-over-year).
- 2018: Revenue of $102K, expenses of $102K, and assets of $86K (revenue -30.5% year-over-year).
- 2017: Revenue of $147K, expenses of $118K, and assets of $86K (revenue +42.4% year-over-year).
- 2016: Revenue of $103K, expenses of $113K, and assets of $56K (revenue -14.1% year-over-year).
- 2015: Revenue of $120K, expenses of $96K, and assets of $65K (revenue -19.3% year-over-year).
- 2014: Revenue of $149K, expenses of $192K, and assets of $41K (revenue -73.3% year-over-year).
- 2013: Revenue of $558K, expenses of $534K, and assets of $89K (revenue -46.0% year-over-year).
- 2012: Revenue of $1.0M, expenses of $994K, and assets of $132K (revenue +137.0% year-over-year).
- 2011: Revenue of $436K, expenses of $444K, and assets of $90K.
Data Sources and Methodology
This transparency report for Palms For Life Fund 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.