Salem First Corporation
Salem First Corporation reports minimal financial activity and declining assets over the past decade.
EIN: 20478507 · Salem, NH · NTEE: B94Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $1 |
| Net Assets | $20K |
| Transparency Score | 20/100 |
Is Salem First Corporation Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Salem First Corporation
Salem First Corporation (EIN: 20478507) is a nonprofit organization based in Salem, NH, classified under NTEE code B94Z. The organization reported total revenue of $1 and total assets of $20K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Salem First Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Salem First Corporation is a micro nonprofit that has been operating for 31 years, with 9 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of -12.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $251 |
| Total Expenses | $0 |
| Surplus / Deficit | +$251 |
| Total Assets | $20K |
| Total Liabilities | $1 |
| Net Assets | $20K |
| Operating Margin | 100.0% |
| Debt-to-Asset Ratio | 0.0% |
Financial Health Grade: A
In 2023, Salem First Corporation reported a surplus of $251 with revenue exceeding expenses, has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 9 years of filings (2012–2023), Salem First Corporation's revenue has declined at a compound annual growth rate (CAGR) of -12.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -88.8% | -100.0% | +1.3% |
| 2022 | +224900.0% | +2145.0% | +0.0% |
| 2020 | -100.0% | -27.2% | -12.2% |
| 2016 | -72.5% | -49.3% | -0.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1995 |
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 Salem First Corporation with a Mission Score of 20 out of 100 (Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 100%
- programs: 0%
- fundraising: 0%
According to IRS 990 filings, Salem First Corporation allocates its expenses as follows: admin: 100%, programs: 0%, fundraising: 0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all filings, indicating that no officers or key employees are receiving salaries from the organization, which is appropriate given its extremely low revenue and expense levels.
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 Salem First Corporation's IRS 990 filings:
- Extremely low and inconsistent revenue, often $1, suggesting dormancy or minimal operations.
- Declining asset base over the past decade without significant new income.
- Frequent periods of zero reported expenses, raising questions about active program delivery.
- Negative revenue reported in 2013 (-$241), indicating financial instability in that period.
Strengths
The following positive indicators were identified for Salem First Corporation:
- Consistent filing of IRS 990 forms, demonstrating compliance and transparency.
- Zero officer compensation reported across all filings, indicating no personal financial benefit to leadership.
- Very low liabilities, typically $0 or $1, suggesting minimal debt burden.
Frequently Asked Questions about Salem First Corporation
Is Salem First Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Salem First Corporation (EIN: 20478507) significant concerns. Mission Score: 20/100. 4 red flags identified, 3 strengths noted.
How does Salem First Corporation spend its money?
Detailed spending breakdown data is not yet available for Salem First Corporation. Check back for updated IRS 990 analysis.
Are donations to Salem First Corporation tax-deductible?
Salem First Corporation is registered as a tax-exempt nonprofit (EIN: 20478507). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Salem First Corporation compare to similar nonprofits?
With a transparency score of 20/100 (Poor), Salem First Corporation is below average for NTEE category B94Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Salem First Corporation located?
Salem First Corporation is headquartered in Salem, New Hampshire and files with the IRS under EIN 20478507. It is classified under NTEE code B94Z.
How many years of IRS 990 filings does Salem First Corporation have?
Salem First Corporation has 9 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 $1 in total revenue.
What are the current activities of Salem First Corporation given its minimal revenue and expenses?
The IRS 990 data indicates extremely low financial activity, with revenues often at $1 and expenses sometimes at $0 (e.g., 2023). This suggests either very limited operations or a dormant status, making it difficult to discern active programs.
Why have the organization's assets declined from $24,905 in 2012 to $19,929 currently?
The decline in assets is likely due to expenses exceeding revenues in several periods (e.g., 2014, 2013) without significant new income to replenish them, gradually drawing down the organization's reserves.
Is Salem First Corporation actively pursuing its charitable mission?
With revenues consistently under $2,500 and often $1, and expenses frequently at $0 or very low, the organization's active pursuit of a charitable mission appears to be extremely limited based on financial data alone.
Filing History
IRS 990 filing history for Salem First Corporation showing financial trends over 9 years of public records:
Over 9 years of IRS 990 filings (2012–2023), Salem First Corporation's revenue has declined by 77.6%, moving from $1K to $251. Total assets decreased by 19.7% over the same period, from $25K to $20K. Total functional expenses fell by 100%, from $78 to $0. The organization holds $1 in liabilities against $20K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $20K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $251 | $0 | $20K | $1 | — | — |
| 2022 | $2K | $2K | $20K | $1 | — | View 990 |
| 2021 | $1 | $100 | $20K | $1 | — | — |
| 2020 | $0 | $75 | $20K | $0 | — | View 990 |
| 2016 | $77 | $103 | $23K | $0 | — | View 990 |
| 2015 | $280 | $203 | $23K | $0 | — | View 990 |
| 2014 | $244 | $1K | $23K | $0 | — | View 990 |
| 2013 | $-241 | $1K | $24K | $0 | — | View 990 |
| 2012 | $1K | $78 | $25K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $251, expenses of $0, and assets of $20K (revenue -88.8% year-over-year).
- 2022: Revenue of $2K, expenses of $2K, and assets of $20K (revenue +224900.0% year-over-year).
- 2021: Revenue of $1, expenses of $100, and assets of $20K.
- 2020: Revenue of $0, expenses of $75, and assets of $20K (revenue -100.0% year-over-year).
- 2016: Revenue of $77, expenses of $103, and assets of $23K (revenue -72.5% year-over-year).
- 2015: Revenue of $280, expenses of $203, and assets of $23K (revenue +14.8% year-over-year).
- 2014: Revenue of $244, expenses of $1K, and assets of $23K.
- 2013: Revenue of $-241, expenses of $1K, and assets of $24K (revenue -121.5% year-over-year).
- 2012: Revenue of $1K, expenses of $78, and assets of $25K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Salem First Corporation:
Data Sources and Methodology
This transparency report for Salem First Corporation 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.