Raf Inc
Raf Inc consistently grows assets and maintains low liabilities with no reported officer compensation.
EIN: 203643982 · Memphis, TN · NTEE: N50 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $3.3M |
| Total Expenses | $2.2M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $2 |
| Net Assets | $8.3M |
| Transparency Score | 90/100 |
Is Raf Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Raf Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Raf Inc
Raf Inc (EIN: 203643982) is a nonprofit organization based in Memphis, TN, classified under NTEE code N50. The organization reported total revenue of $3.3M and total assets of $9.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Raf Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Raf Inc is a mid-size nonprofit that has been operating for 13 years, with 11 years of IRS 990 filings on record (2013–2023). Revenue has grown at a compound annual rate of 6.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.7M |
| Total Expenses | $2.2M |
| Surplus / Deficit | +$530K |
| Total Assets | $8.8M |
| Total Liabilities | $533K |
| Net Assets | $8.3M |
| Operating Margin | 19.5% |
| Debt-to-Asset Ratio | 6.1% |
| Months of Reserves | 48.4 months |
Financial Health Grade: A
In 2023, Raf Inc reported a surplus of $530K with revenue exceeding expenses, holds 48.4 months of operating reserves (strong position), has a debt-to-asset ratio of 6.1% (very low leverage).
Financial Trends
Over 11 years of filings (2013–2023), Raf Inc's revenue has grown at a compound annual growth rate (CAGR) of 6.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +13.3% | +69.7% | +4.5% |
| 2022 | -0.6% | -40.1% | -8.3% |
| 2021 | +12.5% | +36.1% | +30.6% |
| 2020 | +22.0% | -8.0% | +4.6% |
| 2019 | -16.3% | -27.3% | -4.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2013 |
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 Raf Inc with a Mission Score of 90 out of 100 (Excellent). 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, Raf 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 surplus of $530K, with revenue exceeding expenses.
- Debt-to-asset ratio: 6.1%.
Executive Compensation Analysis
No officer compensation has been reported in any of the 11 available IRS 990 filings, which is highly unusual for an organization with annual revenues exceeding $2 million and assets nearing $9 million. This suggests either a fully volunteer-led executive team or that executive compensation is reported under different expense categories, warranting further investigation for complete transparency.
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 Raf Inc's IRS 990 filings:
- No reported officer compensation for an organization of this size, which could obscure executive remuneration if it's categorized elsewhere.
Strengths
The following positive indicators were identified for Raf Inc:
- Consistent revenue growth, from $1.5M in 2015 to $2.7M in 2023.
- Strong asset accumulation, growing from $6.4M in 2014 to $8.7M in 2023.
- Low liabilities relative to assets, indicating strong financial solvency (e.g., $532,981 liabilities vs. $8,795,054 assets in 2023).
- Positive net income in most years, allowing for reinvestment and asset growth.
- Consistent IRS 990 filing history, demonstrating transparency and compliance.
Frequently Asked Questions about Raf Inc
Is Raf Inc a legitimate charity?
Raf Inc (EIN: 203643982) is a registered tax-exempt nonprofit based in Tennessee. Our AI analysis gives it a Mission Score of 90/100. It has 11 years of IRS 990 filings on record. Total revenue: $3.3M. 1 red flag identified. 5 strengths noted. Financial health grade: A.
How does Raf Inc spend its money?
Raf Inc directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Raf Inc tax-deductible?
Raf Inc is registered as a tax-exempt nonprofit (EIN: 203643982). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Raf Inc CEO make?
Raf Inc's highest-compensated officer earns $2 annually. The organization reported $3.3M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Raf Inc's spending goes to programs?
Raf Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Raf Inc compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), Raf Inc is above average for NTEE category N50 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Raf Inc located?
Raf Inc is headquartered in Memphis, Tennessee and files with the IRS under EIN 203643982. It is classified under NTEE code N50.
How many years of IRS 990 filings does Raf Inc have?
Raf Inc has 11 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 $3.3M in total revenue.
How does Raf Inc manage to operate with no reported officer compensation?
The consistent reporting of 0% officer compensation across all filings for an organization of this size is highly unusual. It suggests either a fully volunteer-led executive team, or that executive compensation is categorized under other expense lines, which would require deeper analysis of their detailed financial statements to understand fully.
What are the primary programs funded by Raf Inc's expenses?
Based on the NTEE code N50 (Religious Organizations) and the general financial health, it's likely that a significant portion of expenses are directed towards religious activities, community outreach, and related services. However, without a detailed breakdown of program expenses, specific programs cannot be identified from the provided data.
Has Raf Inc experienced any significant financial challenges?
Raf Inc has shown consistent revenue growth and asset accumulation over the past decade. While there was a slight dip in assets from 2021 to 2022, and expenses occasionally exceeded revenue (e.g., 201806, 201706), these appear to be minor fluctuations within an overall trend of financial stability and growth. The organization has consistently maintained low liabilities relative to its assets.
Filing History
IRS 990 filing history for Raf Inc showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2013–2023), Raf Inc's revenue has grown by 89.7%, moving from $1.4M to $2.7M. Total assets increased by 64.6% over the same period, from $5.3M to $8.8M. Total functional expenses rose by 65.9%, from $1.3M to $2.2M. In its most recent filing year (2023), Raf Inc reported a surplus of $530K, with revenue exceeding expenses. The organization holds $533K in liabilities against $8.8M in assets (debt-to-asset ratio: 6.1%), resulting in net assets of $8.3M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.7M | $2.2M | $8.8M | $533K | — | View 990 |
| 2022 | $2.4M | $1.3M | $8.4M | $738K | — | View 990 |
| 2021 | $2.4M | $2.1M | $9.2M | $1.6M | — | — |
| 2020 | $2.1M | $1.6M | $7.0M | $441K | — | — |
| 2019 | $1.8M | $1.7M | $6.7M | $538K | — | View 990 |
| 2018 | $2.1M | $2.4M | $7.0M | $736K | — | View 990 |
| 2017 | $2.1M | $2.1M | $7.1M | $381K | — | View 990 |
| 2016 | $1.7M | $1.4M | $6.5M | $130K | — | View 990 |
| 2015 | $1.5M | $1.1M | $6.5M | $152K | — | View 990 |
| 2014 | $2.0M | $1.4M | $6.5M | $422K | — | View 990 |
| 2013 | $1.4M | $1.3M | $5.3M | $157K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.7M, expenses of $2.2M, and assets of $8.8M (revenue +13.3% year-over-year).
- 2022: Revenue of $2.4M, expenses of $1.3M, and assets of $8.4M (revenue -0.6% year-over-year).
- 2021: Revenue of $2.4M, expenses of $2.1M, and assets of $9.2M (revenue +12.5% year-over-year).
- 2020: Revenue of $2.1M, expenses of $1.6M, and assets of $7.0M (revenue +22.0% year-over-year).
- 2019: Revenue of $1.8M, expenses of $1.7M, and assets of $6.7M (revenue -16.3% year-over-year).
- 2018: Revenue of $2.1M, expenses of $2.4M, and assets of $7.0M (revenue -0.6% year-over-year).
- 2017: Revenue of $2.1M, expenses of $2.1M, and assets of $7.1M (revenue +21.1% year-over-year).
- 2016: Revenue of $1.7M, expenses of $1.4M, and assets of $6.5M (revenue +13.7% year-over-year).
- 2015: Revenue of $1.5M, expenses of $1.1M, and assets of $6.5M (revenue -23.6% year-over-year).
- 2014: Revenue of $2.0M, expenses of $1.4M, and assets of $6.5M (revenue +40.5% year-over-year).
- 2013: Revenue of $1.4M, expenses of $1.3M, and assets of $5.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Raf Inc:
Data Sources and Methodology
This transparency report for Raf 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.