Schmidt Family Foundation
Schmidt Family Foundation faces significant asset depletion and consistent operating deficits over the past decade.
EIN: 136808881 · Chicago, IL · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $5.4M |
| Total Expenses | $1.2M |
| Program Spending | 70% |
| Net Assets | $8.8M |
| Transparency Score | 45/100 |
Is Schmidt Family Foundation Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Schmidt Family Foundation directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Schmidt Family Foundation
Schmidt Family Foundation (EIN: 136808881) is a nonprofit organization based in Chicago, IL. The organization reported total revenue of $5.4M and total assets of $9.2M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Schmidt Family Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Schmidt Family Foundation is a mid-size nonprofit that has been operating for 44 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -12.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $686K |
| Total Expenses | $1.2M |
| Surplus / Deficit | $-475,833 |
| Total Assets | $8.8M |
| Total Liabilities | $1 |
| Net Assets | $8.8M |
| Operating Margin | -69.3% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 90.9 months |
Financial Health Grade: B
In 2023, Schmidt Family Foundation reported a deficit of $476K with expenses exceeding revenue, holds 90.9 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Schmidt Family Foundation's revenue has declined at a compound annual growth rate (CAGR) of -12.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +37.9% | -74.5% | -5.1% |
| 2022 | -60.7% | +3.2% | -30.4% |
| 2021 | +43.3% | +2.7% | -19.0% |
| 2020 | -52.1% | -55.2% | -17.1% |
| 2019 | -65.8% | +10.5% | -45.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1982 |
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 Schmidt Family Foundation 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Schmidt Family Foundation allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $476K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officer salaries were paid, which is highly favorable for donor trust regarding executive pay relative to the organization's size and declining asset base.
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 Schmidt Family Foundation's IRS 990 filings:
- Significant and consistent decline in assets over the past decade (from $47M to $8.8M).
- Expenses frequently and substantially exceed revenue, indicating an unsustainable financial model.
- Large operating deficits in multiple years (e.g., $4.05M deficit in 2022, $3.14M deficit in 2021).
Strengths
The following positive indicators were identified for Schmidt Family Foundation:
- Reports 0% officer compensation across all filings, indicating no executive salaries were paid.
- Maintained a substantial asset base, despite significant decline, which could still support some programmatic activities.
Frequently Asked Questions about Schmidt Family Foundation
Is Schmidt Family Foundation a legitimate charity?
Schmidt Family Foundation (EIN: 136808881) is a registered tax-exempt nonprofit based in Illinois. Our AI analysis gives it a Mission Score of 45/100. It has 10 years of IRS 990 filings on record. Total revenue: $5.4M. 3 red flags identified. 2 strengths noted. Financial health grade: B.
How does Schmidt Family Foundation spend its money?
Schmidt Family Foundation directs 70% of its spending to programs and services. Fundraising costs 10%. This meets the 65% industry benchmark.
Are donations to Schmidt Family Foundation tax-deductible?
Schmidt Family Foundation is registered as a tax-exempt nonprofit (EIN: 136808881). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Schmidt Family Foundation's spending goes to programs?
Schmidt Family Foundation directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
Where is Schmidt Family Foundation located?
Schmidt Family Foundation is headquartered in Chicago, Illinois and files with the IRS under EIN 136808881.
How many years of IRS 990 filings does Schmidt Family Foundation have?
Schmidt Family Foundation has 10 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 $5.4M in total revenue.
Is the Schmidt Family Foundation financially sustainable given its consistent operating deficits?
The foundation has consistently spent more than it earned for many years, leading to a significant decline in assets from over $47 million in 2011 to $8.8 million in 2023. This trend suggests a lack of financial sustainability without a change in strategy.
What is causing the substantial decline in the foundation's assets?
The primary cause appears to be expenses consistently exceeding revenue. For example, in 2022, expenses were $4,551,869 while revenue was only $497,800, drawing heavily from existing assets.
Why are liabilities consistently reported as $1 in recent years?
The consistent reporting of $1 in liabilities from 2020-2023 is unusual for an organization of this size and could indicate a specific accounting practice or a very minimal, perhaps symbolic, liability. Further detail from the full 990 filing would be needed to understand this.
Filing History
IRS 990 filing history for Schmidt Family Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Schmidt Family Foundation's revenue has declined by 80.1%, moving from $3.4M to $686K. Total assets decreased by 81.3% over the same period, from $47.2M to $8.8M. Total functional expenses fell by 57.6%, from $2.7M to $1.2M. In its most recent filing year (2023), Schmidt Family Foundation reported a deficit of $476K, with expenses exceeding revenue. The organization holds $1 in liabilities against $8.8M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $8.8M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $686K | $1.2M | $8.8M | $1 | — | — |
| 2022 | $498K | $4.6M | $9.3M | $1 | — | View 990 |
| 2021 | $1.3M | $4.4M | $13.3M | $1 | — | View 990 |
| 2020 | $884K | $4.3M | $16.5M | $1 | — | View 990 |
| 2019 | $1.8M | $9.6M | $19.8M | $0 | — | View 990 |
| 2015 | $5.4M | $8.7M | $36.6M | $0 | — | View 990 |
| 2014 | $3.7M | $4.0M | $40.6M | $0 | — | View 990 |
| 2013 | $3.1M | $2.9M | $40.8M | $0 | — | View 990 |
| 2012 | $2.3M | $8.1M | $41.2M | $0 | — | View 990 |
| 2011 | $3.4M | $2.7M | $47.2M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $686K, expenses of $1.2M, and assets of $8.8M (revenue +37.9% year-over-year).
- 2022: Revenue of $498K, expenses of $4.6M, and assets of $9.3M (revenue -60.7% year-over-year).
- 2021: Revenue of $1.3M, expenses of $4.4M, and assets of $13.3M (revenue +43.3% year-over-year).
- 2020: Revenue of $884K, expenses of $4.3M, and assets of $16.5M (revenue -52.1% year-over-year).
- 2019: Revenue of $1.8M, expenses of $9.6M, and assets of $19.8M (revenue -65.8% year-over-year).
- 2015: Revenue of $5.4M, expenses of $8.7M, and assets of $36.6M (revenue +44.2% year-over-year).
- 2014: Revenue of $3.7M, expenses of $4.0M, and assets of $40.6M (revenue +22.0% year-over-year).
- 2013: Revenue of $3.1M, expenses of $2.9M, and assets of $40.8M (revenue +35.0% year-over-year).
- 2012: Revenue of $2.3M, expenses of $8.1M, and assets of $41.2M (revenue -34.0% year-over-year).
- 2011: Revenue of $3.4M, expenses of $2.7M, and assets of $47.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Schmidt Family Foundation:
Data Sources and Methodology
This transparency report for Schmidt Family Foundation 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.