Project For Public Spaces Inc
Project For Public Spaces Inc faces recent financial deficit after years of fluctuating revenue and asset decline.
EIN: 132808114 · Brooklyn, NY · NTEE: C015 · Updated: 2026-03-28
Is Project For Public Spaces Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Project For Public Spaces Inc directs 75% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Project For Public Spaces Inc
Project For Public Spaces Inc (EIN: 132808114) is a nonprofit organization based in Brooklyn, NY, classified under NTEE code C015. The organization reported total revenue of $2.9M and total assets of $1.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Project For Public Spaces Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Project For Public Spaces Inc is a mid-size nonprofit that has been operating for 51 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -5.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.7M |
| Total Expenses | $2.0M |
| Surplus / Deficit | $-348,443 |
| Total Assets | $1.4M |
| Total Liabilities | $330K |
| Net Assets | $1.1M |
| Operating Margin | -21.1% |
| Debt-to-Asset Ratio | 23.8% |
| Months of Reserves | 8.3 months |
Financial Health Grade: B
In 2023, Project For Public Spaces Inc reported a deficit of $348K with expenses exceeding revenue, holds 8.3 months of operating reserves (strong position), has a debt-to-asset ratio of 23.8% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Project For Public Spaces Inc's revenue has declined at a compound annual growth rate (CAGR) of -5.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -40.5% | -4.0% | -14.9% |
| 2022 | -4.0% | -5.7% | +65.2% |
| 2021 | +15.2% | -38.6% | +51.9% |
| 2020 | -40.1% | -27.0% | -61.8% |
| 2019 | -17.4% | -5.1% | -33.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1200 |
| IRS Ruling Date | 1975 |
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 Project For Public Spaces 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: 15%
- programs: 75%
- fundraising: 10%
According to IRS 990 filings, Project For Public Spaces Inc allocates its expenses as follows: admin: 15%, programs: 75%, fundraising: 10%. With 75% 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 deficit of $348K, with expenses exceeding revenue.
- Debt-to-asset ratio: 23.8%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers received compensation from the organization. This is a strong positive for minimizing overhead and maximizing resources for the 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 Project For Public Spaces Inc's IRS 990 filings:
- Recent financial deficit in 2023 ($348,443)
- Significant decline in assets from $4,689,796 in 2015 to $1,385,223 in 2023
- Inconsistent revenue generation, with notable drops in 2016 and 2023
Strengths
The following positive indicators were identified for Project For Public Spaces Inc:
- Consistent reporting of 0% officer compensation across all filings, indicating efficient executive management.
- Long history of IRS 990 filings (13 periods), demonstrating commitment to transparency and compliance.
- Maintained positive net income in 2021 and 2022, showing periods of financial health.
Frequently Asked Questions about Project For Public Spaces Inc
Is Project For Public Spaces Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Project For Public Spaces Inc (EIN: 132808114) some concerns. Mission Score: 70/100. 3 red flags identified, 3 strengths noted.
How does Project For Public Spaces Inc spend its money?
Project For Public Spaces Inc directs 75% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Project For Public Spaces Inc tax-deductible?
Project For Public Spaces Inc is registered as a tax-exempt nonprofit (EIN: 132808114). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Project For Public Spaces Inc a good charity?
Project For Public Spaces Inc demonstrates strengths in its consistent regulatory filings and zero reported officer compensation, suggesting good governance and efficient use of funds at the executive level. However, its financial stability has been inconsistent, with a recent deficit in 2023 and declining assets since 2015. A deeper dive into program effectiveness and detailed expense breakdowns would be needed for a definitive answer.
Why did Project For Public Spaces Inc's assets decrease significantly from $4,689,796 in 2015 to $1,385,223 in 2023?
The provided data shows a substantial decline in assets, from a peak of $4,689,796 in 2015 to $1,385,223 in 2023. This could be due to several factors, including sustained periods where expenses exceeded revenue (e.g., 2016-2020, and 2023), strategic asset liquidation, or changes in investment performance. Further investigation into their financial statements would be required to understand the specific causes.
What caused the deficit in 2023, where expenses ($2,000,674) exceeded revenue ($1,652,231)?
The 2023 filing shows a deficit of $348,443, with expenses of $2,000,674 against revenues of $1,652,231. This could be due to a decrease in funding, an increase in operational costs, or a strategic decision to spend down reserves for specific projects. Without more detailed expense categories, the exact cause remains unclear.
Filing History
IRS 990 filing history for Project For Public Spaces Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Project For Public Spaces Inc's revenue has declined by 46.8%, moving from $3.1M to $1.7M. Total assets decreased by 11.9% over the same period, from $1.6M to $1.4M. Total functional expenses fell by 31.9%, from $2.9M to $2.0M. In its most recent filing year (2023), Project For Public Spaces Inc reported a deficit of $348K, with expenses exceeding revenue. The organization holds $330K in liabilities against $1.4M in assets (debt-to-asset ratio: 23.8%), resulting in net assets of $1.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.7M | $2.0M | $1.4M | $330K | — | — |
| 2022 | $2.8M | $2.1M | $1.6M | $95K | — | — |
| 2021 | $2.9M | $2.2M | $986K | $148K | — | View 990 |
| 2020 | $2.5M | $3.6M | $649K | $499K | — | View 990 |
| 2019 | $4.2M | $4.9M | $1.7M | $464K | — | — |
| 2018 | $5.1M | $5.2M | $2.5M | $582K | — | View 990 |
| 2017 | $3.4M | $4.3M | $2.3M | $72K | — | View 990 |
| 2016 | $2.8M | $4.5M | $3.0M | $124K | — | View 990 |
| 2015 | $5.0M | $4.2M | $4.7M | $76K | — | View 990 |
| 2014 | $4.9M | $4.0M | $3.9M | $140K | — | View 990 |
| 2013 | $4.9M | $3.4M | $3.1M | $197K | — | View 990 |
| 2012 | $3.8M | $3.7M | $1.7M | $224K | — | View 990 |
| 2011 | $3.1M | $2.9M | $1.6M | $242K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.7M, expenses of $2.0M, and assets of $1.4M (revenue -40.5% year-over-year).
- 2022: Revenue of $2.8M, expenses of $2.1M, and assets of $1.6M (revenue -4.0% year-over-year).
- 2021: Revenue of $2.9M, expenses of $2.2M, and assets of $986K (revenue +15.2% year-over-year).
- 2020: Revenue of $2.5M, expenses of $3.6M, and assets of $649K (revenue -40.1% year-over-year).
- 2019: Revenue of $4.2M, expenses of $4.9M, and assets of $1.7M (revenue -17.4% year-over-year).
- 2018: Revenue of $5.1M, expenses of $5.2M, and assets of $2.5M (revenue +47.7% year-over-year).
- 2017: Revenue of $3.4M, expenses of $4.3M, and assets of $2.3M (revenue +24.3% year-over-year).
- 2016: Revenue of $2.8M, expenses of $4.5M, and assets of $3.0M (revenue -44.9% year-over-year).
- 2015: Revenue of $5.0M, expenses of $4.2M, and assets of $4.7M (revenue +2.9% year-over-year).
- 2014: Revenue of $4.9M, expenses of $4.0M, and assets of $3.9M (revenue -0.5% year-over-year).
- 2013: Revenue of $4.9M, expenses of $3.4M, and assets of $3.1M (revenue +28.0% year-over-year).
- 2012: Revenue of $3.8M, expenses of $3.7M, and assets of $1.7M (revenue +23.2% year-over-year).
- 2011: Revenue of $3.1M, expenses of $2.9M, and assets of $1.6M.
Data Sources and Methodology
This transparency report for Project For Public Spaces 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.