Promethean Foundation

Promethean Foundation frequently operates at a deficit with minimal assets and reports no officer compensation.

EIN: 201690784 · Union City, TN · NTEE: T22 · Updated: 2026-03-28

$2.5MRevenue

$192KAssets

65/100Mission Score (Good)

T22

About Promethean Foundation

Promethean Foundation (EIN: 201690784) is a nonprofit organization based in Union City, TN, classified under NTEE code T22. The organization reported total revenue of $2.5M and total assets of $192K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Promethean Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Promethean Foundation demonstrates consistent operational activity with annual revenues generally ranging between $1.4 million and $1.8 million over the past decade, with a recent peak of $2.5 million. However, the organization frequently operates at a deficit, with expenses exceeding revenue in several years, such as 2023 ($1,751,944 expenses vs. $1,625,357 revenue) and 2021 ($1,588,895 expenses vs. $1,470,832 revenue). This pattern of spending more than it takes in could indicate reliance on prior year reserves or other funding sources not immediately apparent, and it has led to fluctuating and generally low asset levels, such as $9,544 in 2023. The organization consistently reports $1 in liabilities, which is unusual and may indicate a simplified reporting approach or a lack of significant debt. The consistent reporting of 0% officer compensation across all filings suggests either a fully volunteer-led executive team or that executive compensation is reported under other expense categories, which would impact transparency regarding leadership costs.

While the organization's NTEE code (T22) suggests a focus on 'Philanthropy, Voluntarism, and Grantmaking Foundations,' the financial data alone does not provide a clear breakdown of program versus administrative spending, making it difficult to fully assess spending efficiency. The low asset base relative to annual revenue, such as $9,544 in assets against $1.6 million in revenue in 2023, suggests limited financial reserves. The consistent reporting of minimal liabilities is a positive sign regarding debt management, but the overall financial health appears to be characterized by tight margins and limited accumulation of reserves.

Transparency regarding executive compensation is high in terms of direct reporting (0%), but the lack of detailed expense breakdowns in the provided data limits a full understanding of how funds are allocated between programs, administration, and fundraising. The consistent filing of IRS Form 990s over a decade indicates a commitment to regulatory compliance, which is a positive aspect of transparency. However, without more granular expense data, a comprehensive assessment of spending efficiency and program impact remains challenging.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Promethean Foundation with a Mission Score of 65 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, Promethean Foundation 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.

Executive Compensation Analysis

The Promethean Foundation consistently reports 0% officer compensation across all available filings, suggesting either a volunteer-led executive team or that executive salaries are categorized under other expense lines, which would obscure true leadership costs relative to the organization's annual expenses, which have been as high as $1.75 million.

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 Promethean Foundation's IRS 990 filings:

Frequent operational deficits (e.g., 2023, 2021, 2014, 2012) where expenses exceed revenue.
Consistently low asset base relative to annual revenue (e.g., $9,544 assets vs. $1.6M revenue in 2023), indicating limited financial reserves.
Unusual and consistent reporting of $1 in liabilities across all filings, which may obscure actual financial obligations.
Lack of detailed expense breakdown in provided data makes it difficult to assess program efficiency.
0% officer compensation reported, which could indicate volunteer leadership or compensation hidden in other expense categories, impacting transparency.

Strengths

The following positive indicators were identified for Promethean Foundation:

Consistent revenue generation, generally above $1.4 million annually over the past decade.
Long history of IRS 990 filings (10 filings), indicating regulatory compliance and transparency in reporting.
No significant debt burden indicated by the consistent $1 liability reporting.
Recent revenue peak of $2,514,062 suggests potential for growth or successful fundraising efforts.
Consistent operational activity over a long period (since at least 2011).

Frequently Asked Questions about Promethean Foundation

Why does Promethean Foundation consistently report $1 in liabilities?

The consistent reporting of $1 in liabilities across all filings is highly unusual for an organization with millions in revenue and expenses. This could indicate a simplified accounting practice, a specific type of liability that is always nominal, or a reporting anomaly that warrants further investigation into their financial statements.

How does Promethean Foundation sustain operations with frequent deficits?

The organization frequently reports expenses exceeding revenue (e.g., $1,751,944 expenses vs. $1,625,357 revenue in 2023). This suggests they may be drawing from prior year surpluses, receiving unrestricted grants not fully reflected in annual revenue, or utilizing other funding mechanisms not detailed in the provided summary data to cover operational shortfalls.

What is the actual breakdown of program, administrative, and fundraising expenses?

The provided IRS 990 summary data does not offer a detailed breakdown of expenses into program, administrative, and fundraising categories. Without this information, it is difficult to assess the organization's spending efficiency and how much of its budget directly supports its mission.

What is the significance of the NTEE code T22 for Promethean Foundation?

NTEE code T22 signifies 'Philanthropy, Voluntarism, and Grantmaking Foundations.' This suggests the organization's primary activities involve supporting other nonprofits, engaging in philanthropic endeavors, or making grants, rather than direct service provision. Understanding this context is crucial for evaluating its financial activities.

Why are the organization's assets consistently low relative to its revenue?

The Promethean Foundation's assets are consistently low (e.g., $9,544 in 2023) compared to its annual revenue (e.g., $1.6 million in 2023). This indicates limited financial reserves and a potential 'spend-down' model or a focus on immediate distribution of funds rather than building an endowment or significant operational reserves.

Filing History

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

Over 10 years of IRS 990 filings (2011–2023), Promethean Foundation's revenue has declined by 6.9%, moving from $1.7M to $1.6M. Total assets decreased by 95.1% over the same period, from $194K to $10K. Total functional expenses rose by 1.7%, from $1.7M to $1.8M. In its most recent filing year (2023), Promethean Foundation reported a deficit of $127K, with expenses exceeding revenue. The organization holds $1 in liabilities against $10K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $10K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$1.6M	$1.8M	$10K	$1	—	View 990
2022	$1.9M	$1.7M	$136K	$1	—	View 990
2021	$1.5M	$1.6M	$11K	$1	—	View 990
2020	$1.6M	$1.6M	$129K	$1	—	View 990
2019	$1.8M	$1.7M	$141K	$1	—	View 990
2015	$1.8M	$1.7M	$153K	$1	—	View 990
2014	$1.6M	$1.7M	$58K	$1	—	View 990
2013	$1.7M	$1.7M	$192K	$1	—	View 990
2012	$1.7M	$1.7M	$149K	$1	—	View 990
2011	$1.7M	$1.7M	$194K	$1	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $1.6M, expenses of $1.8M, and assets of $10K (revenue -12.8% year-over-year).
2022: Revenue of $1.9M, expenses of $1.7M, and assets of $136K (revenue +26.7% year-over-year).
2021: Revenue of $1.5M, expenses of $1.6M, and assets of $11K (revenue -7.8% year-over-year).
2020: Revenue of $1.6M, expenses of $1.6M, and assets of $129K (revenue -12.9% year-over-year).
2019: Revenue of $1.8M, expenses of $1.7M, and assets of $141K (revenue -0.3% year-over-year).
2015: Revenue of $1.8M, expenses of $1.7M, and assets of $153K (revenue +15.0% year-over-year).
2014: Revenue of $1.6M, expenses of $1.7M, and assets of $58K (revenue -7.3% year-over-year).
2013: Revenue of $1.7M, expenses of $1.7M, and assets of $192K (revenue +3.4% year-over-year).
2012: Revenue of $1.7M, expenses of $1.7M, and assets of $149K (revenue -4.5% year-over-year).
2011: Revenue of $1.7M, expenses of $1.7M, and assets of $194K.

Data Sources and Methodology

This transparency report for Promethean 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.