Rich Foundation Inc
Rich Foundation: Inconsistent Revenue, High Administrative Costs, and Limited Program Spending
EIN: 222544173 · Stamford, CT · Updated: 2026-04-04
Is Rich Foundation Inc Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Rich Foundation Inc directs 10% of its spending to programs. This falls below the 65% benchmark. Donors may want to investigate further.
About Rich Foundation Inc
Rich Foundation Inc (EIN: 222544173) is a nonprofit organization based in Stamford, CT. The organization reported total revenue of $346K and total assets of $783K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Rich Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Rich Foundation Inc is a small nonprofit that has been operating for 42 years, with 10 years of IRS 990 filings on record (2012–2024). Revenue has grown at a compound annual rate of -14.5%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $33K |
| Total Expenses | $147K |
| Surplus / Deficit | $-114,341 |
| Total Assets | $884K |
| Total Liabilities | $3K |
| Net Assets | $881K |
| Operating Margin | -351.5% |
| Debt-to-Asset Ratio | 0.3% |
| Months of Reserves | 72.2 months |
Financial Health Grade: B
In 2024, Rich Foundation Inc reported a deficit of $114K with expenses exceeding revenue, holds 72.2 months of operating reserves (strong position), has a debt-to-asset ratio of 0.3% (very low leverage).
Financial Trends
Over 10 years of filings (2012–2024), Rich Foundation Inc's revenue has declined at a compound annual growth rate (CAGR) of -14.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | -86.0% | +18.4% | -11.5% |
| 2023 | +683.2% | +14.8% | +11.3% |
| 2022 | -73.2% | -21.1% | -7.6% |
| 2021 | +56.4% | -41.7% | -2.2% |
| 2020 | +271.3% | +110.8% | -25.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1984 |
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 Rich Foundation Inc with a Mission Score of 45 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 70%
- programs: 10%
- fundraising: 20%
According to IRS 990 filings, Rich Foundation Inc allocates its expenses as follows: admin: 70%, programs: 10%, fundraising: 20%. Only 10% is directed toward programs, which may warrant further investigation by donors.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $114K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.3%.
Executive Compensation Analysis
Executive compensation cannot be fully assessed without specific salary figures, but the high administrative spending suggests a significant portion of expenses may be allocated to salaries and overhead.
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 Rich Foundation Inc's IRS 990 filings:
- Inconsistent revenue streams, with significant fluctuations year-over-year (e.g., $617,542 in 2015 vs. $19,007 in 2016).
- High administrative expenses relative to total expenditures, indicating a potential inefficiency in resource allocation.
- Low program spending percentage, suggesting a limited direct impact on stated mission.
- The 'loans' (l) reported in several years (e.g., $9,500 in 2022) are unexplained and could indicate financial instability or unusual transactions.
Strengths
The following positive indicators were identified for Rich Foundation Inc:
- Consistent asset base over several years, indicating some financial stability despite revenue fluctuations.
- No reported lobbying expenses ('c0%'), suggesting a focus on direct activities rather than political influence.
Frequently Asked Questions about Rich Foundation Inc
Is Rich Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Rich Foundation Inc (EIN: 222544173) significant concerns. Mission Score: 45/100. 4 red flags identified, 2 strengths noted.
How does Rich Foundation Inc spend its money?
Rich Foundation Inc directs 10% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Rich Foundation Inc tax-deductible?
Rich Foundation Inc is registered as a tax-exempt nonprofit (EIN: 222544173). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does Rich Foundation Inc do?
Rich Foundation Inc is a nonprofit organization in the Unknown sector, located in Stamford, Connecticut. It is classified under NTEE code Unknown.
How much revenue does Rich Foundation Inc have?
Rich Foundation Inc reported total revenue of $346,281. Based on 10 IRS 990 filings on record.
What are Rich Foundation Inc's total assets?
Rich Foundation Inc holds total assets of $783,349 as reported in IRS 990 filings.
Where is Rich Foundation Inc located?
Rich Foundation Inc is based in Stamford, Connecticut.
What is Rich Foundation Inc's EIN?
Rich Foundation Inc's Employer Identification Number (EIN) is 222544173. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Rich Foundation Inc?
Rich Foundation Inc is classified under NTEE code Unknown (Unknown).
Is Rich Foundation Inc a registered 501(c)(3)?
Rich Foundation Inc appears in IRS records (EIN: 222544173). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Rich Foundation Inc file IRS Form 990?
Yes, Rich Foundation Inc has 10 IRS Form 990 filings on record. The most recent covers tax period 202406.
What was Rich Foundation Inc's revenue in 2024?
In the 202406 filing period, Rich Foundation Inc reported total revenue of $32,534, total expenses of $146,875, and net assets of $883,772.
Is Rich Foundation Inc's revenue growing or declining?
Rich Foundation Inc's revenue is declining. Revenue went from $232,074 (202306) to $32,534 (202406), a -86.0% change. Based on 10 filings on record.
What is Rich Foundation Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Rich Foundation Inc covers tax period 202406. It shows revenue of $32,534, expenses of $146,875, total assets of $883,772, and liabilities of $2,500.
How much does Rich Foundation Inc spend on programs vs administration?
Based on IRS 990 analysis, Rich Foundation Inc allocates approximately 10% of expenses to program services, 70% to administrative costs, and 20% to fundraising. Overhead costs appear high relative to program spending.
Is Rich Foundation Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Rich Foundation Inc shows mixed signals. Mission Score: 45/100 (Fair). 4 red flags identified. 2 strengths noted.
What are the red flags for Rich Foundation Inc?
The following concerns were identified: Inconsistent revenue streams, with significant fluctuations year-over-year (e.g., $617,542 in 2015 vs. $19,007 in 2016).. High administrative expenses relative to total expenditures, indicating a potential inefficiency in resource allocation.. Low program spending percentage, suggesting a limited direct impact on stated mission.. The 'loans' (l) reported in several years (e.g., $9,500 in 2022) are unexplained and could indicate financial instability or unusual transactions.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Rich Foundation Inc's strengths?
Positive indicators for Rich Foundation Inc include: Consistent asset base over several years, indicating some financial stability despite revenue fluctuations.. No reported lobbying expenses ('c0%'), suggesting a focus on direct activities rather than political influence.. These findings are derived from AI analysis of the organization's financial filings.
How does Rich Foundation Inc compensate executives?
Executive compensation cannot be fully assessed without specific salary figures, but the high administrative spending suggests a significant portion of expenses may be allocated to salaries and overhead. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the significant fluctuations in revenue and high administrative costs, what is the long-term sustainability strategy for Rich Foundation Inc.?
The data suggests a reliance on unpredictable revenue, which, combined with high overhead, could challenge long-term sustainability. A clear strategy for diversifying funding and optimizing operational efficiency would be crucial.
How does Rich Foundation Inc. justify its high administrative spending (e.g., $146,875 in 2024) when program expenses appear to be a smaller proportion of total expenditures?
Without detailed breakdowns of administrative costs, it's difficult to ascertain the specific reasons. This could include salaries for key personnel, office overhead, or other operational necessities, but it warrants further investigation to ensure efficiency and mission alignment.
Filing History
IRS 990 filing history for Rich Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2012–2024), Rich Foundation Inc's revenue has declined by 84.8%, moving from $214K to $33K. Total assets decreased by 15.3% over the same period, from $1.0M to $884K. Total functional expenses rose by 166.8%, from $55K to $147K. In its most recent filing year (2024), Rich Foundation Inc reported a deficit of $114K, with expenses exceeding revenue. The organization holds $3K in liabilities against $884K in assets (debt-to-asset ratio: 0.3%), resulting in net assets of $881K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $33K | $147K | $884K | $3K | — | View 990 |
| 2023 | $232K | $124K | $998K | $3K | — | View 990 |
| 2022 | $30K | $108K | $897K | $10K | — | View 990 |
| 2021 | $110K | $137K | $970K | $5K | — | — |
| 2020 | $71K | $235K | $992K | $0 | — | View 990 |
| 2016 | $19K | $111K | $1.3M | $150 | — | View 990 |
| 2015 | $618K | $149K | $1.4M | $505 | — | View 990 |
| 2014 | $123K | $139K | $953K | $0 | — | View 990 |
| 2013 | $33K | $108K | $968K | $0 | — | View 990 |
| 2012 | $214K | $55K | $1.0M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $33K, expenses of $147K, and assets of $884K (revenue -86.0% year-over-year).
- 2023: Revenue of $232K, expenses of $124K, and assets of $998K (revenue +683.2% year-over-year).
- 2022: Revenue of $30K, expenses of $108K, and assets of $897K (revenue -73.2% year-over-year).
- 2021: Revenue of $110K, expenses of $137K, and assets of $970K (revenue +56.4% year-over-year).
- 2020: Revenue of $71K, expenses of $235K, and assets of $992K (revenue +271.3% year-over-year).
- 2016: Revenue of $19K, expenses of $111K, and assets of $1.3M (revenue -96.9% year-over-year).
- 2015: Revenue of $618K, expenses of $149K, and assets of $1.4M (revenue +402.7% year-over-year).
- 2014: Revenue of $123K, expenses of $139K, and assets of $953K (revenue +273.1% year-over-year).
- 2013: Revenue of $33K, expenses of $108K, and assets of $968K (revenue -84.6% year-over-year).
- 2012: Revenue of $214K, expenses of $55K, and assets of $1.0M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Rich Foundation Inc:
Data Sources and Methodology
This transparency report for Rich 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.