Penates Inc
Penates Inc. experiences sharp revenue decline after years of fluctuating financial performance.
EIN: 113138729 · Bay Shore, NY · NTEE: L410 · Updated: 2026-03-28
Is Penates Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Penates Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Penates Inc
Penates Inc (EIN: 113138729) is a nonprofit organization based in Bay Shore, NY, classified under NTEE code L410. The organization reported total revenue of $453K and total assets of $848K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Penates Inc'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 Penates Inc with a Mission Score of 70 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: 85%
- fundraising: 5%
According to IRS 990 filings, Penates Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
Penates Inc. consistently reports 0% officer compensation across all available filings, indicating that no salaries are paid to its officers, which is highly unusual for an organization of its size and revenue history.
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 Penates Inc's IRS 990 filings:
- Significant and unexplained drop in latest reported revenue to $453,144 from multi-million dollar figures in prior years.
- History of fluctuating financial performance, including net losses in 2021 and 2022.
- Liabilities frequently exceeded assets in several past periods (e.g., 2021, 2019, 2018, 2017, 2016), indicating potential solvency concerns.
- Consistent 0% officer compensation, which is unusual for an organization with multi-million dollar revenues and could indicate a lack of transparency in reporting or reliance on unpaid leadership.
Strengths
The following positive indicators were identified for Penates Inc:
- Positive net income reported in 2023 ($2,700,738 revenue vs. $2,438,298 expenses), showing a recent return to financial surplus.
- Consistent reporting of 0% officer compensation, suggesting a high proportion of resources are directed away from executive salaries.
- Long operational history with 12 filings, indicating sustained presence in its mission area.
Frequently Asked Questions about Penates Inc
Is Penates Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Penates Inc (EIN: 113138729) some concerns. Mission Score: 70/100. 4 red flags identified, 3 strengths noted.
How does Penates Inc spend its money?
Penates Inc directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Penates Inc tax-deductible?
Penates Inc is registered as a tax-exempt nonprofit (EIN: 113138729). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What caused the significant drop in revenue from $2,700,738 in 2023 to $453,144 in the latest reported period?
The provided data shows a drastic reduction in revenue, which could indicate a change in funding, program scope, or reporting period. Further investigation into the latest filing details would be necessary.
How does Penates Inc. manage its operations without any reported officer compensation?
The consistent reporting of 0% officer compensation suggests that leadership roles might be filled by volunteers, or compensation is reported under a different category, which warrants clarification for full transparency.
What is the organization's strategy for managing its fluctuating asset and liability levels?
Penates Inc. has experienced significant swings in its asset and liability positions, with liabilities often exceeding assets in earlier years. A clear strategy for financial stability and reserve building would be beneficial.
Filing History
IRS 990 filing history for Penates Inc showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2012–2023), Penates Inc's revenue has grown by 22.3%, moving from $2.2M to $2.7M. Total assets increased by 43.7% over the same period, from $450K to $647K. Total functional expenses rose by 17%, from $2.1M to $2.4M. In its most recent filing year (2023), Penates Inc reported a surplus of $262K, with revenue exceeding expenses. The organization holds $577K in liabilities against $647K in assets (debt-to-asset ratio: 89.2%), resulting in net assets of $70K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $2.7M | $2.4M | $647K | $577K | — | View 990 |
| 2022 | $2.5M | $2.5M | $306K | $658K | — | View 990 |
| 2021 | $3.3M | $3.5M | $948K | $1.3M | — | View 990 |
| 2020 | $3.6M | $3.2M | $784K | $977K | — | View 990 |
| 2019 | $3.3M | $3.2M | $633K | $1.3M | — | View 990 |
| 2018 | $3.3M | $3.4M | $620K | $1.3M | — | View 990 |
| 2017 | $3.5M | $3.4M | $1.0M | $1.6M | — | View 990 |
| 2016 | $3.7M | $3.4M | $917K | $1.4M | — | View 990 |
| 2015 | $2.8M | $2.7M | $516K | $96K | — | View 990 |
| 2014 | $2.2M | $2.2M | $469K | $133K | — | View 990 |
| 2013 | $2.1M | $2.0M | $456K | $198K | — | View 990 |
| 2012 | $2.2M | $2.1M | $450K | $310K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.7M, expenses of $2.4M, and assets of $647K (revenue +6.3% year-over-year).
- 2022: Revenue of $2.5M, expenses of $2.5M, and assets of $306K (revenue -23.7% year-over-year).
- 2021: Revenue of $3.3M, expenses of $3.5M, and assets of $948K (revenue -7.8% year-over-year).
- 2020: Revenue of $3.6M, expenses of $3.2M, and assets of $784K (revenue +10.2% year-over-year).
- 2019: Revenue of $3.3M, expenses of $3.2M, and assets of $633K (revenue -0.2% year-over-year).
- 2018: Revenue of $3.3M, expenses of $3.4M, and assets of $620K (revenue -6.3% year-over-year).
- 2017: Revenue of $3.5M, expenses of $3.4M, and assets of $1.0M (revenue -5.9% year-over-year).
- 2016: Revenue of $3.7M, expenses of $3.4M, and assets of $917K (revenue +35.2% year-over-year).
- 2015: Revenue of $2.8M, expenses of $2.7M, and assets of $516K (revenue +23.5% year-over-year).
- 2014: Revenue of $2.2M, expenses of $2.2M, and assets of $469K (revenue +4.7% year-over-year).
- 2013: Revenue of $2.1M, expenses of $2.0M, and assets of $456K (revenue -3.4% year-over-year).
- 2012: Revenue of $2.2M, expenses of $2.1M, and assets of $450K.
Data Sources and Methodology
This transparency report for Penates 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.