Phillips Family Foundation

Phillips Family Foundation's assets declining as expenses consistently outpace revenue in recent years.

EIN: 202760817 · Penobscot, ME · NTEE: T22 · Updated: 2026-03-28

$337KRevenue

$1.1MAssets

75/100Mission Score (Good)

T22

About Phillips Family Foundation

Phillips Family Foundation (EIN: 202760817) is a nonprofit organization based in Penobscot, ME, classified under NTEE code T22. The organization reported total revenue of $337K and total assets of $1.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Phillips Family Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Phillips Family Foundation, based in Penobscot, ME, appears to be a private foundation given its NTEE code T22 (Private Grantmaking Foundations) and consistent revenue and asset patterns. Over the past three years (2021-2023), the foundation has consistently spent more than it brought in, with expenses totaling $366,730 against revenues of $107,313. This trend has led to a decrease in assets from $1,346,625 in 2021 to $1,132,212 in 2023, indicating it is drawing down its principal to fund its activities. While this is not inherently negative for a foundation, it suggests a period of significant grantmaking or operational costs relative to its investment income.

The organization demonstrates strong financial transparency by consistently filing its IRS Form 990s. A notable strength is the consistent reporting of 0% officer compensation across all available filings, which suggests that the foundation's leadership is either unpaid or compensated through other means not categorized as officer compensation, contributing to lower administrative overhead. However, without a detailed breakdown of expenses (program, administrative, fundraising) from the provided data, it's challenging to fully assess spending efficiency beyond the lack of officer compensation. The consistent low liabilities ($0-$1) indicate sound financial management regarding debt.

Overall, the foundation appears to be in a phase of significant disbursement, as evidenced by its declining asset base and expenses exceeding revenue in recent years. Its transparency through regular filings and absence of officer compensation are positive indicators. However, a deeper dive into the specific nature of its expenses would be necessary to fully evaluate its program efficiency and impact.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Phillips Family Foundation with a Mission Score of 75 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: 15%
programs: 85%
fundraising: 0%

According to IRS 990 filings, Phillips Family Foundation allocates its expenses as follows: admin: 15%, programs: 85%, fundraising: 0%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is consistently reported as 0% across all available filings, indicating that officers are either unpaid or compensated through non-officer channels, which is a positive for minimizing administrative costs relative to the organization's size and mission.

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 Phillips Family Foundation's IRS 990 filings:

Consistent expenses exceeding revenue in recent years, leading to asset depletion.
Lack of detailed expense breakdown (program vs. admin) in provided data makes full efficiency assessment difficult.

Strengths

The following positive indicators were identified for Phillips Family Foundation:

Consistent 0% officer compensation, indicating low administrative overhead.
Strong transparency with consistent IRS 990 filings.
Very low liabilities ($0-$1) across all reported periods, indicating sound financial management.
Substantial asset base of over $1 million, providing significant capacity for grantmaking.

Frequently Asked Questions about Phillips Family Foundation

Why have expenses significantly exceeded revenue in the last three years?

From 2021 to 2023, the foundation's total expenses were $366,730, while total revenue was $107,313. This suggests a strategic decision to disburse funds from its asset base, potentially for significant grantmaking initiatives, rather than relying solely on annual income.

What is the nature of the foundation's grantmaking or program activities?

The NTEE code T22 indicates 'Private Grantmaking Foundations.' Without further detail on specific grants or programs, it's understood that the foundation primarily provides financial support to other organizations or individuals, rather than operating direct programs.

Is the decline in assets a concern for the foundation's long-term viability?

Assets have decreased from $1,391,629 in 2020 to $1,132,212 in 2023. While a decline, it's common for private foundations to disburse principal. The current asset base of over $1 million still provides a substantial endowment, but continued significant spending above revenue would eventually deplete it.

Filing History

IRS 990 filing history for Phillips Family Foundation showing financial trends over 10 years of public records:

Over 10 years of IRS 990 filings (2011–2023), Phillips Family Foundation's revenue has declined by 91%, moving from $136K to $12K. Total assets increased by 159.7% over the same period, from $436K to $1.1M. Total functional expenses rose by 49.8%, from $69K to $104K. In its most recent filing year (2023), Phillips Family Foundation reported a deficit of $91K, with expenses exceeding revenue. The organization holds $1 in liabilities against $1.1M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $1.1M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$12K	$104K	$1.1M	$1	—	View 990
2022	$53K	$176K	$1.2M	$1	—	View 990
2021	$42K	$87K	$1.3M	$1	—	View 990
2020	$161K	$77K	$1.4M	$1	—	View 990
2019	$84K	$85K	$1.3M	$0	—	View 990
2015	$44K	$52K	$633K	$0	—	View 990
2014	$147K	$59K	$641K	$1	—	View 990
2013	$139K	$57K	$553K	$1	—	View 990
2012	$95K	$60K	$470K	$1	—	View 990
2011	$136K	$69K	$436K	$1	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $12K, expenses of $104K, and assets of $1.1M (revenue -76.7% year-over-year).
2022: Revenue of $53K, expenses of $176K, and assets of $1.2M (revenue +24.2% year-over-year).
2021: Revenue of $42K, expenses of $87K, and assets of $1.3M (revenue -73.7% year-over-year).
2020: Revenue of $161K, expenses of $77K, and assets of $1.4M (revenue +91.7% year-over-year).
2019: Revenue of $84K, expenses of $85K, and assets of $1.3M (revenue +91.3% year-over-year).
2015: Revenue of $44K, expenses of $52K, and assets of $633K (revenue -70.1% year-over-year).
2014: Revenue of $147K, expenses of $59K, and assets of $641K (revenue +5.8% year-over-year).
2013: Revenue of $139K, expenses of $57K, and assets of $553K (revenue +47.2% year-over-year).
2012: Revenue of $95K, expenses of $60K, and assets of $470K (revenue -30.5% year-over-year).
2011: Revenue of $136K, expenses of $69K, and assets of $436K.

Data Sources and Methodology

This transparency report for Phillips Family 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.