Providence Foundation Inc
Providence Foundation Inc. shows fluctuating revenues and increasing liabilities, with no reported officer compensation.
EIN: 113350828 · Brooklyn, NY · NTEE: T20Z · Updated: 2026-03-28
About Providence Foundation Inc
Providence Foundation Inc (EIN: 113350828) is a nonprofit organization based in Brooklyn, NY, classified under NTEE code T20Z. The organization reported total revenue of $3.5M and total assets of $14.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Providence Foundation 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 Providence Foundation 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, Providence Foundation 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
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers or key employees received compensation directly from the organization, which is highly unusual for an organization of its size with assets exceeding $13 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 Providence Foundation Inc's IRS 990 filings:
- Consistent negative net income in recent years (e.g., 202306: -$3,462; 202206: -$517,173), indicating spending more than earned.
- Significant and rapid increase in liabilities from $0 in 2019 to $5,651,020 in 2023, without clear explanation in summary data.
- Highly volatile revenue streams, such as the drop from $1,353,212 in 2021 to $412,599 in 2022, which can impact program stability.
Strengths
The following positive indicators were identified for Providence Foundation Inc:
- No reported officer compensation across all filings, suggesting a commitment to minimizing executive overhead.
- Substantial and growing asset base, increasing from $7,347,837 in 2011 to $13,777,900 in 2023, providing a financial cushion.
- Long operational history with 10 years of IRS 990 filings, indicating sustained existence.
Frequently Asked Questions about Providence Foundation Inc
What is the primary cause of the significant increase in liabilities, from $0 in 2019 to over $5.6 million in 2023?
The IRS 990 filings show a sharp increase in liabilities, from $0 in 2019 to $4,171,239 in 2021, and further to $5,651,020 in 2023. The specific nature of these liabilities (e.g., mortgages, program-related investments, or other debts) is not detailed in the provided summary data and would require reviewing the full 990 forms.
How does Providence Foundation Inc. sustain its operations with expenses frequently exceeding revenue, as seen in 202306 and 202206?
In periods like 202306 (expenses $1,549,568 vs. revenue $1,546,106) and 202206 (expenses $929,772 vs. revenue $412,599), the organization spent more than it earned. This could be sustained by drawing from accumulated assets, receiving large non-recurring grants not reflected in annual revenue, or through other financial mechanisms not detailed in the summary data.
What programs does Providence Foundation Inc. operate, given its NTEE code T20Z (Religious Activities, Other) and its financial scale?
The NTEE code T20Z indicates 'Religious Activities, Other,' which is a broad category. Without further details from the full 990 forms, it's unclear what specific programs or services the organization provides to fulfill its mission, especially considering its substantial assets and fluctuating operational budget.
Filing History
IRS 990 filing history for Providence Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Providence Foundation Inc's revenue has grown by 71.6%, moving from $901K to $1.5M. Total assets increased by 87.5% over the same period, from $7.3M to $13.8M. Total functional expenses rose by 136.6%, from $655K to $1.5M. In its most recent filing year (2023), Providence Foundation Inc reported a deficit of $3K, with expenses exceeding revenue. The organization holds $5.7M in liabilities against $13.8M in assets (debt-to-asset ratio: 41.0%), resulting in net assets of $8.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $1.5M | $1.5M | $13.8M | $5.7M | — | View 990 |
| 2022 | $413K | $930K | $13.1M | $5.0M | — | View 990 |
| 2021 | $1.4M | $1.1M | $12.8M | $4.2M | — | View 990 |
| 2020 | $18K | $972K | $8.3M | $1 | — | View 990 |
| 2019 | $356K | $1.3M | $9.3M | $0 | — | View 990 |
| 2015 | $501K | $1.5M | $9.1M | $0 | — | View 990 |
| 2014 | $1.0M | $786K | $10.1M | $0 | — | View 990 |
| 2013 | $2.2M | $659K | $9.8M | $0 | — | View 990 |
| 2012 | $1.6M | $697K | $8.3M | $0 | — | — |
| 2011 | $901K | $655K | $7.3M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.5M, expenses of $1.5M, and assets of $13.8M (revenue +274.7% year-over-year).
- 2022: Revenue of $413K, expenses of $930K, and assets of $13.1M (revenue -69.5% year-over-year).
- 2021: Revenue of $1.4M, expenses of $1.1M, and assets of $12.8M (revenue +7598.8% year-over-year).
- 2020: Revenue of $18K, expenses of $972K, and assets of $8.3M (revenue -95.1% year-over-year).
- 2019: Revenue of $356K, expenses of $1.3M, and assets of $9.3M (revenue -29.1% year-over-year).
- 2015: Revenue of $501K, expenses of $1.5M, and assets of $9.1M (revenue -51.5% year-over-year).
- 2014: Revenue of $1.0M, expenses of $786K, and assets of $10.1M (revenue -53.4% year-over-year).
- 2013: Revenue of $2.2M, expenses of $659K, and assets of $9.8M (revenue +36.2% year-over-year).
- 2012: Revenue of $1.6M, expenses of $697K, and assets of $8.3M (revenue +80.4% year-over-year).
- 2011: Revenue of $901K, expenses of $655K, and assets of $7.3M.
Data Sources and Methodology
This transparency report for Providence Foundation 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.