Smith Memorial Foundation
Smith Memorial Foundation reports negative revenue and minimal expenses despite substantial assets.
EIN: 10970450 · Anchorage, AK · NTEE: T12 · Updated: 2026-03-27
Is Smith Memorial Foundation Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Smith Memorial Foundation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Smith Memorial Foundation
Smith Memorial Foundation (EIN: 10970450) is a nonprofit organization based in Anchorage, AK, classified under NTEE code T12. The organization reported total revenue of $138 and total assets of $334K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Smith Memorial Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Smith Memorial Foundation is a micro nonprofit that has been operating for 15 years, with 12 years of IRS 990 filings on record (2011–2022).
Financial Trends
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2022 | -510.8% | +546.2% | -3.5% |
| 2021 | +60.2% | -74.7% | +0.7% |
| 2020 | -98.0% | -97.9% | +0.2% |
| 2019 | -70.6% | +2.4% | +11.3% |
| 2018 | +2890.8% | +331.4% | +280.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2011 |
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 Smith Memorial Foundation with a Mission Score of 40 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Smith Memorial Foundation allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers or key employees are drawing salaries from the organization, which is a positive for resource allocation.
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 Smith Memorial Foundation's IRS 990 filings:
- Negative revenue reported in 2022 ($-10,742), which is highly unusual for a nonprofit.
- Extremely low and inconsistent expenses relative to substantial assets, raising questions about program activity and operational efficiency.
- Significant year-over-year revenue volatility, ranging from $-10,742 to $271,056.
- Lack of detailed explanation for financial anomalies in public filings.
Strengths
The following positive indicators were identified for Smith Memorial Foundation:
- Consistently reports zero liabilities, indicating strong financial solvency and no debt.
- Reports 0% officer compensation across all filings, demonstrating efficient use of funds in terms of executive pay.
- Maintains a substantial asset base ($334,013), providing a foundation for future activities.
Frequently Asked Questions about Smith Memorial Foundation
Is Smith Memorial Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Smith Memorial Foundation (EIN: 10970450) significant concerns. Mission Score: 40/100. 4 red flags identified, 3 strengths noted.
How does Smith Memorial Foundation spend its money?
Smith Memorial Foundation directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Smith Memorial Foundation tax-deductible?
Smith Memorial Foundation is registered as a tax-exempt nonprofit (EIN: 10970450). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Why did Smith Memorial Foundation report negative revenue of $-10,742 in 2022?
The IRS 990 filing for 2022 shows a negative revenue figure, which could indicate a significant loss on investments, a return of grants, or an accounting adjustment. This requires further clarification from the organization.
How does Smith Memorial Foundation operate with such low reported expenses relative to its assets?
With assets of $334,013 and expenses of only $1,512 in 2022, it's unclear how the organization is actively pursuing its mission. This suggests either very limited program activity or that significant operational costs are not being fully disclosed or are covered by other means.
What is the primary use of Smith Memorial Foundation's substantial assets?
Given the low reported expenses and volatile revenue, the purpose and deployment of the $334,013 in assets are not clear from the available filings. It's possible they are held as an endowment or for future projects, but this is not specified.
Filing History
IRS 990 filing history for Smith Memorial Foundation showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2011–2022), Smith Memorial Foundation's revenue has declined by 182.4%, moving from $13K to $-10,742. Total assets increased by 4649.2% over the same period, from $7K to $334K. Total functional expenses fell by 74.8%, from $6K to $2K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2022 | $-10,742 | $2K | $334K | $0 | — | View 990 |
| 2021 | $3K | $234 | $346K | $0 | — | — |
| 2020 | $2K | $925 | $344K | $0 | — | View 990 |
| 2019 | $80K | $45K | $343K | $0 | — | View 990 |
| 2018 | $271K | $44K | $308K | $0 | — | View 990 |
| 2017 | $9K | $10K | $81K | $0 | — | View 990 |
| 2016 | $41K | $15K | $82K | $0 | — | View 990 |
| 2015 | $46K | $16K | $56K | $0 | — | View 990 |
| 2014 | $25K | $25K | $26K | $0 | — | View 990 |
| 2013 | $22K | $2K | $26K | $0 | — | View 990 |
| 2012 | $6K | $7K | $6K | $0 | — | View 990 |
| 2011 | $13K | $6K | $7K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2022: Revenue of $-10,742, expenses of $2K, and assets of $334K (revenue -510.8% year-over-year).
- 2021: Revenue of $3K, expenses of $234, and assets of $346K (revenue +60.2% year-over-year).
- 2020: Revenue of $2K, expenses of $925, and assets of $344K (revenue -98.0% year-over-year).
- 2019: Revenue of $80K, expenses of $45K, and assets of $343K (revenue -70.6% year-over-year).
- 2018: Revenue of $271K, expenses of $44K, and assets of $308K (revenue +2890.8% year-over-year).
- 2017: Revenue of $9K, expenses of $10K, and assets of $81K (revenue -78.1% year-over-year).
- 2016: Revenue of $41K, expenses of $15K, and assets of $82K (revenue -10.0% year-over-year).
- 2015: Revenue of $46K, expenses of $16K, and assets of $56K (revenue +82.8% year-over-year).
- 2014: Revenue of $25K, expenses of $25K, and assets of $26K (revenue +13.0% year-over-year).
- 2013: Revenue of $22K, expenses of $2K, and assets of $26K (revenue +274.7% year-over-year).
- 2012: Revenue of $6K, expenses of $7K, and assets of $6K (revenue -54.4% year-over-year).
- 2011: Revenue of $13K, expenses of $6K, and assets of $7K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Smith Memorial Foundation:
Data Sources and Methodology
This transparency report for Smith Memorial 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.