Sherman Family Foundation
Sherman Family Foundation's assets have declined by over 75% in a decade due to consistent spending exceeding revenue.
EIN: 10530498 · Scarborough, ME · NTEE: T22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $60K |
| Total Expenses | $81K |
| Program Spending | 90% |
| Net Assets | $180K |
| Transparency Score | 55/100 |
Is Sherman Family Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Sherman Family Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Sherman Family Foundation
Sherman Family Foundation (EIN: 10530498) is a nonprofit organization based in Scarborough, ME, classified under NTEE code T22. The organization reported total revenue of $60K and total assets of $150K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Sherman Family Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Sherman Family Foundation is a micro nonprofit that has been operating for 26 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -6.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $59K |
| Total Expenses | $81K |
| Surplus / Deficit | $-22,251 |
| Total Assets | $180K |
| Total Liabilities | $1 |
| Net Assets | $180K |
| Operating Margin | -37.6% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 26.5 months |
Financial Health Grade: B
In 2023, Sherman Family Foundation reported a deficit of $22K with expenses exceeding revenue, holds 26.5 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), Sherman Family Foundation's revenue has declined at a compound annual growth rate (CAGR) of -6.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +148.9% | +2.4% | -11.0% |
| 2022 | -81.2% | -14.6% | -21.6% |
| 2021 | -3.2% | -18.2% | +14.8% |
| 2020 | +181.6% | -9.5% | -22.8% |
| 2019 | -62.3% | +13.9% | -49.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2000 |
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 Sherman Family Foundation with a Mission Score of 55 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: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Sherman Family Foundation allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% 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 $22K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is consistently reported at 0%, indicating that no officers or directors are receiving salaries from the foundation, which is highly efficient for an organization of its size.
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 Sherman Family Foundation's IRS 990 filings:
- Consistent operating deficits (expenses exceeding revenue) in recent years, e.g., 2023 ($81,476 expenses vs. $59,225 revenue).
- Significant and continuous decline in total assets, from $639,441 in 2013 to $150,348 currently, indicating depletion of reserves.
- Long-term financial sustainability is questionable given the ongoing asset depletion.
Strengths
The following positive indicators were identified for Sherman Family Foundation:
- Zero officer compensation reported across all filings, indicating high efficiency in leadership costs.
- Consistent IRS 990 filings demonstrate good transparency.
- Minimal liabilities ($1 reported consistently) suggest sound management of operational debt.
Frequently Asked Questions about Sherman Family Foundation
Is Sherman Family Foundation a legitimate charity?
Sherman Family Foundation (EIN: 10530498) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 55/100. It has 10 years of IRS 990 filings on record. Total revenue: $60K. 3 red flags identified. 3 strengths noted. Financial health grade: B.
How does Sherman Family Foundation spend its money?
Sherman Family Foundation directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Sherman Family Foundation tax-deductible?
Sherman Family Foundation is registered as a tax-exempt nonprofit (EIN: 10530498). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Sherman Family Foundation compare to similar nonprofits?
With a transparency score of 55/100 (Fair), Sherman Family Foundation is near average for NTEE category T22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Sherman Family Foundation located?
Sherman Family Foundation is headquartered in Scarborough, Maine and files with the IRS under EIN 10530498. It is classified under NTEE code T22.
How many years of IRS 990 filings does Sherman Family Foundation have?
Sherman 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 $60K in total revenue.
Is the Sherman Family Foundation financially sustainable?
Based on the consistent trend of expenses exceeding revenue and the significant decline in assets from $639,441 in 2013 to $150,348 currently, the foundation's current financial model appears unsustainable without new significant funding or a reduction in spending.
What is the primary cause of the asset decline?
The primary cause is that expenses have frequently exceeded revenue. For example, in 2023, expenses were $81,476 while revenue was $59,225, and in 2022, expenses were $79,603 against revenue of $23,793, leading to a draw-down of assets.
How does the foundation manage executive compensation?
The foundation consistently reports 0% officer compensation across all available filings, indicating a highly efficient approach to executive pay.
Filing History
IRS 990 filing history for Sherman Family Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Sherman Family Foundation's revenue has declined by 56.9%, moving from $137K to $59K. Total assets decreased by 69% over the same period, from $579K to $180K. Total functional expenses rose by 34.4%, from $61K to $81K. In its most recent filing year (2023), Sherman Family Foundation reported a deficit of $22K, with expenses exceeding revenue. The organization holds $1 in liabilities against $180K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $180K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $59K | $81K | $180K | $1 | — | View 990 |
| 2022 | $24K | $80K | $202K | $1 | — | View 990 |
| 2021 | $126K | $93K | $258K | $1 | — | — |
| 2020 | $131K | $114K | $225K | $1 | — | View 990 |
| 2019 | $46K | $126K | $291K | $1 | — | View 990 |
| 2015 | $123K | $111K | $572K | $1 | — | View 990 |
| 2014 | $176K | $139K | $624K | $1 | — | View 990 |
| 2013 | $229K | $116K | $639K | $1 | — | View 990 |
| 2012 | $110K | $65K | $587K | $1 | — | View 990 |
| 2011 | $137K | $61K | $579K | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $59K, expenses of $81K, and assets of $180K (revenue +148.9% year-over-year).
- 2022: Revenue of $24K, expenses of $80K, and assets of $202K (revenue -81.2% year-over-year).
- 2021: Revenue of $126K, expenses of $93K, and assets of $258K (revenue -3.2% year-over-year).
- 2020: Revenue of $131K, expenses of $114K, and assets of $225K (revenue +181.6% year-over-year).
- 2019: Revenue of $46K, expenses of $126K, and assets of $291K (revenue -62.3% year-over-year).
- 2015: Revenue of $123K, expenses of $111K, and assets of $572K (revenue -30.1% year-over-year).
- 2014: Revenue of $176K, expenses of $139K, and assets of $624K (revenue -23.1% year-over-year).
- 2013: Revenue of $229K, expenses of $116K, and assets of $639K (revenue +108.9% year-over-year).
- 2012: Revenue of $110K, expenses of $65K, and assets of $587K (revenue -20.1% year-over-year).
- 2011: Revenue of $137K, expenses of $61K, and assets of $579K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Sherman Family Foundation:
Data Sources and Methodology
This transparency report for Sherman 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.