Quincy Asian Resources Inc
Quincy Asian Resources Inc experiences revenue decline and deficit spending in latest fiscal period.
EIN: 10556446 · Quincy, MA · NTEE: P80 · Updated: 2026-03-27
| Metric | Value |
|---|---|
| Total Revenue | $4.4M |
| Total Expenses | $2.9M |
| Program Spending | 85% |
| Net Assets | $1.6M |
| Transparency Score | 75/100 |
Is Quincy Asian Resources Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Quincy Asian Resources Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Quincy Asian Resources Inc
Quincy Asian Resources Inc (EIN: 10556446) is a nonprofit organization based in Quincy, MA, classified under NTEE code P80. The organization reported total revenue of $4.4M and total assets of $2.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Quincy Asian Resources Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Quincy Asian Resources Inc is a mid-size nonprofit that has been operating for 24 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 16.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.2M |
| Total Expenses | $2.9M |
| Surplus / Deficit | $-659,497 |
| Total Assets | $2.3M |
| Total Liabilities | $749K |
| Net Assets | $1.6M |
| Operating Margin | -29.9% |
| Debt-to-Asset Ratio | 32.2% |
| Months of Reserves | 9.7 months |
Financial Health Grade: B
In 2023, Quincy Asian Resources Inc reported a deficit of $659K with expenses exceeding revenue, holds 9.7 months of operating reserves (strong position), has a debt-to-asset ratio of 32.2% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Quincy Asian Resources Inc's revenue has grown at a compound annual growth rate (CAGR) of 16.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -51.8% | -34.5% | -5.6% |
| 2022 | -19.7% | -13.1% | +2.7% |
| 2021 | +326.2% | +246.5% | +73.9% |
| 2020 | -33.2% | +35.6% | -6.2% |
| 2019 | +104.9% | +19.7% | +167.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2002 |
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 Quincy Asian Resources Inc 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: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Quincy Asian Resources 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.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $659K, with expenses exceeding revenue.
- Debt-to-asset ratio: 32.2%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers received compensation from the organization, which is highly commendable and suggests a strong dedication to mission-focused spending.
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 Quincy Asian Resources Inc's IRS 990 filings:
- Significant deficit spending in the latest fiscal period (202306), with expenses exceeding revenue by $659,497.
- Substantial increase in liabilities to $748,741 in 202306, coinciding with revenue decline.
- Volatile revenue streams, with a peak of $5.7M in 202106 dropping to $2.2M in 202306, indicating potential funding instability.
Strengths
The following positive indicators were identified for Quincy Asian Resources Inc:
- Zero officer compensation reported across all filings, indicating strong commitment to mission and efficient use of funds.
- Consistent filing of IRS Form 990s, demonstrating transparency.
- Significant asset growth over the long term, from $477,885 in 201706 to $2,902,952 currently, indicating some financial resilience.
Frequently Asked Questions about Quincy Asian Resources Inc
Is Quincy Asian Resources Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Quincy Asian Resources Inc (EIN: 10556446) some concerns. Mission Score: 75/100. 3 red flags identified, 3 strengths noted.
How does Quincy Asian Resources Inc spend its money?
Quincy Asian Resources Inc directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Quincy Asian Resources Inc tax-deductible?
Quincy Asian Resources Inc is registered as a tax-exempt nonprofit (EIN: 10556446). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Quincy Asian Resources Inc's spending goes to programs?
Quincy Asian Resources Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Quincy Asian Resources Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Quincy Asian Resources Inc is above average for NTEE category P80 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Quincy Asian Resources Inc located?
Quincy Asian Resources Inc is headquartered in Quincy, Massachusetts and files with the IRS under EIN 10556446. It is classified under NTEE code P80.
How many years of IRS 990 filings does Quincy Asian Resources Inc have?
Quincy Asian Resources Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $4.4M in total revenue.
What caused the significant revenue decline from $4.5M in 2022 to $2.2M in 2023?
The provided data does not specify the reasons for the revenue fluctuation, but it's a critical area for further inquiry to understand the organization's funding stability.
How does Quincy Asian Resources Inc cover its expenses when they exceed revenue, as seen in 202306 and 202006?
Deficit spending typically draws from reserves (assets) or increases liabilities. In 202306, liabilities increased significantly, suggesting borrowing or deferred payments.
What is the organization's strategy for managing its increasing liabilities, which reached $748,741 in 202306?
The data does not provide this information, but managing liabilities is crucial for financial stability, especially with declining revenue.
What are the primary sources of revenue for Quincy Asian Resources Inc, given the large fluctuations?
The NTEE code P80 (Asian, Asian American) suggests a focus on community services, but specific funding sources (grants, donations, service fees) are not detailed in the provided summary.
Filing History
IRS 990 filing history for Quincy Asian Resources Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Quincy Asian Resources Inc's revenue has grown by 502.2%, moving from $366K to $2.2M. Total assets increased by 594% over the same period, from $335K to $2.3M. Total functional expenses rose by 757.9%, from $334K to $2.9M. In its most recent filing year (2023), Quincy Asian Resources Inc reported a deficit of $659K, with expenses exceeding revenue. The organization holds $749K in liabilities against $2.3M in assets (debt-to-asset ratio: 32.2%), resulting in net assets of $1.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.2M | $2.9M | $2.3M | $749K | — | — |
| 2022 | $4.6M | $4.4M | $2.5M | $326K | — | View 990 |
| 2021 | $5.7M | $5.0M | $2.4M | $424K | — | View 990 |
| 2020 | $1.3M | $1.5M | $1.4M | $77K | — | View 990 |
| 2019 | $2.0M | $1.1M | $1.5M | $54K | — | View 990 |
| 2018 | $978K | $894K | $548K | $56K | — | View 990 |
| 2017 | $737K | $1.0M | $478K | $70K | — | View 990 |
| 2016 | $894K | $886K | $749K | $75K | — | View 990 |
| 2015 | $756K | $685K | $732K | $66K | — | View 990 |
| 2014 | $753K | $544K | $633K | $38K | — | View 990 |
| 2013 | $487K | $474K | $402K | $17K | — | View 990 |
| 2012 | $422K | $368K | $395K | $22K | — | View 990 |
| 2011 | $366K | $334K | $335K | $156K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.2M, expenses of $2.9M, and assets of $2.3M (revenue -51.8% year-over-year).
- 2022: Revenue of $4.6M, expenses of $4.4M, and assets of $2.5M (revenue -19.7% year-over-year).
- 2021: Revenue of $5.7M, expenses of $5.0M, and assets of $2.4M (revenue +326.2% year-over-year).
- 2020: Revenue of $1.3M, expenses of $1.5M, and assets of $1.4M (revenue -33.2% year-over-year).
- 2019: Revenue of $2.0M, expenses of $1.1M, and assets of $1.5M (revenue +104.9% year-over-year).
- 2018: Revenue of $978K, expenses of $894K, and assets of $548K (revenue +32.7% year-over-year).
- 2017: Revenue of $737K, expenses of $1.0M, and assets of $478K (revenue -17.6% year-over-year).
- 2016: Revenue of $894K, expenses of $886K, and assets of $749K (revenue +18.2% year-over-year).
- 2015: Revenue of $756K, expenses of $685K, and assets of $732K (revenue +0.4% year-over-year).
- 2014: Revenue of $753K, expenses of $544K, and assets of $633K (revenue +54.9% year-over-year).
- 2013: Revenue of $487K, expenses of $474K, and assets of $402K (revenue +15.4% year-over-year).
- 2012: Revenue of $422K, expenses of $368K, and assets of $395K (revenue +15.1% year-over-year).
- 2011: Revenue of $366K, expenses of $334K, and assets of $335K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Quincy Asian Resources Inc:
Data Sources and Methodology
This transparency report for Quincy Asian Resources 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.