Solimine Charitable Corporation
Solimine Charitable Corporation maintains substantial assets with low operational expenses and no reported officer compensation.
EIN: 200478181 · Lynn, MA · NTEE: T30 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $6.2M |
| Total Expenses | $74K |
| Program Spending | 85% |
| Net Assets | $3.4M |
| Transparency Score | 90/100 |
Is Solimine Charitable Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Solimine Charitable Corporation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Solimine Charitable Corporation
Solimine Charitable Corporation (EIN: 200478181) is a nonprofit organization based in Lynn, MA, classified under NTEE code T30. The organization reported total revenue of $6.2M and total assets of $14.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Solimine Charitable Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Solimine Charitable Corporation is a mid-size nonprofit that has been operating for 22 years, with 12 years of IRS 990 filings on record (2011–2022). Revenue has grown at a compound annual rate of -5.2%.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
| Total Revenue | $38K |
| Total Expenses | $74K |
| Surplus / Deficit | $-35,857 |
| Total Assets | $6.6M |
| Total Liabilities | $3.2M |
| Net Assets | $3.4M |
| Operating Margin | -94.3% |
| Debt-to-Asset Ratio | 48.6% |
| Months of Reserves | 1079.8 months |
Financial Health Grade: B
In 2022, Solimine Charitable Corporation reported a deficit of $36K with expenses exceeding revenue, holds 1079.8 months of operating reserves (strong position), has a debt-to-asset ratio of 48.6% (moderate leverage).
Financial Trends
Over 12 years of filings (2011–2022), Solimine Charitable Corporation's revenue has declined at a compound annual growth rate (CAGR) of -5.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2022 | -88.8% | +12.0% | +89.7% |
| 2021 | -70.1% | -20.8% | +8.1% |
| 2020 | +1.6% | +18.8% | +51.7% |
| 2019 | +0.5% | -10.7% | +50.8% |
| 2018 | +1143.3% | -3.2% | +254.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2004 |
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 Solimine Charitable Corporation with a Mission Score of 90 out of 100 (Excellent). 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: 85%
- fundraising: 5%
According to IRS 990 filings, Solimine Charitable Corporation allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% 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:
- The organization reported a deficit of $36K, with expenses exceeding revenue.
- Debt-to-asset ratio: 48.6%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that officers are either unpaid volunteers or compensated by an external entity, which is highly favorable for the organization's financial efficiency.
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 Solimine Charitable Corporation's IRS 990 filings:
- Significant year-over-year revenue volatility, particularly the drop from over $1M in 2019-2020 to $38,014 in 2022, requires further investigation to understand sustainability.
- Discrepancy between 'Latest Revenue' ($6,154,928) and the most recent filing's revenue ($38,014) needs clarification for a complete financial picture.
Strengths
The following positive indicators were identified for Solimine Charitable Corporation:
- Consistently low operational expenses relative to assets and historical revenue, indicating strong cost control.
- Zero reported officer compensation across all filings, demonstrating high efficiency and potentially volunteer leadership.
- Substantial and growing asset base ($14,820,274), providing a strong financial foundation for its mission.
- Low liabilities compared to assets, indicating financial stability and minimal debt burden.
Frequently Asked Questions about Solimine Charitable Corporation
Is Solimine Charitable Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Solimine Charitable Corporation (EIN: 200478181) some concerns. Mission Score: 90/100. 2 red flags identified, 4 strengths noted.
How does Solimine Charitable Corporation spend its money?
Solimine Charitable Corporation directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Solimine Charitable Corporation tax-deductible?
Solimine Charitable Corporation is registered as a tax-exempt nonprofit (EIN: 200478181). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Solimine Charitable Corporation's spending goes to programs?
Solimine Charitable Corporation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Solimine Charitable Corporation compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), Solimine Charitable Corporation is above average for NTEE category T30 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Solimine Charitable Corporation located?
Solimine Charitable Corporation is headquartered in Lynn, Massachusetts and files with the IRS under EIN 200478181. It is classified under NTEE code T30.
How many years of IRS 990 filings does Solimine Charitable Corporation have?
Solimine Charitable Corporation has 12 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 $6.2M in total revenue.
Is Solimine Charitable Corporation a good charity?
Based on its financial data, Solimine Charitable Corporation appears to be a well-managed entity with substantial assets, low operational expenses, and no reported officer compensation, suggesting a high degree of financial efficiency and a strong focus on its philanthropic mission. Its NTEE code T30 indicates it's likely a grantmaking foundation, which typically has lower direct program expenses.
Why is there a large discrepancy between 'Latest Revenue' and 'Period 202212 Revenue'?
The 'Latest Revenue' of $6,154,928 is significantly higher than the 'Period 202212 Revenue' of $38,014. This discrepancy could be due to the 'Latest Revenue' representing a different fiscal period not detailed in the provided filing history, or it could include non-operating revenue like investment gains that are not always fully reflected in the 'Revenue' field of a specific period's summary. Further clarification from the organization would be needed.
How does Solimine Charitable Corporation utilize its substantial assets?
With assets of $14,820,274 and relatively low expenses, Solimine Charitable Corporation likely uses its assets to generate investment income, which then funds its grantmaking activities as a philanthropic foundation (NTEE T30). The growth in assets from $4,074 in 2013 to $14,820,274 suggests successful asset management and accumulation for its charitable purposes.
Filing History
IRS 990 filing history for Solimine Charitable Corporation showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2011–2022), Solimine Charitable Corporation's revenue has declined by 44.5%, moving from $69K to $38K. Total assets increased by 23275.8% over the same period, from $28K to $6.6M. Total functional expenses fell by 10.7%, from $83K to $74K. In its most recent filing year (2022), Solimine Charitable Corporation reported a deficit of $36K, with expenses exceeding revenue. The organization holds $3.2M in liabilities against $6.6M in assets (debt-to-asset ratio: 48.6%), resulting in net assets of $3.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2022 | $38K | $74K | $6.6M | $3.2M | — | — |
| 2021 | $340K | $66K | $3.5M | $50K | — | View 990 |
| 2020 | $1.1M | $83K | $3.2M | $60K | — | View 990 |
| 2019 | $1.1M | $70K | $2.1M | $10K | — | View 990 |
| 2018 | $1.1M | $78K | $1.4M | $340K | — | View 990 |
| 2017 | $90K | $81K | $400K | $358K | — | View 990 |
| 2016 | $101K | $63K | $423K | $390K | — | View 990 |
| 2015 | $30K | $27K | $498K | $503K | — | View 990 |
| 2014 | $41K | $37K | $8K | $0 | — | View 990 |
| 2013 | $29K | $50K | $4K | $0 | — | View 990 |
| 2012 | $25K | $28K | $25K | $0 | — | View 990 |
| 2011 | $69K | $83K | $28K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2022: Revenue of $38K, expenses of $74K, and assets of $6.6M (revenue -88.8% year-over-year).
- 2021: Revenue of $340K, expenses of $66K, and assets of $3.5M (revenue -70.1% year-over-year).
- 2020: Revenue of $1.1M, expenses of $83K, and assets of $3.2M (revenue +1.6% year-over-year).
- 2019: Revenue of $1.1M, expenses of $70K, and assets of $2.1M (revenue +0.5% year-over-year).
- 2018: Revenue of $1.1M, expenses of $78K, and assets of $1.4M (revenue +1143.3% year-over-year).
- 2017: Revenue of $90K, expenses of $81K, and assets of $400K (revenue -11.3% year-over-year).
- 2016: Revenue of $101K, expenses of $63K, and assets of $423K (revenue +242.0% year-over-year).
- 2015: Revenue of $30K, expenses of $27K, and assets of $498K (revenue -28.5% year-over-year).
- 2014: Revenue of $41K, expenses of $37K, and assets of $8K (revenue +44.1% year-over-year).
- 2013: Revenue of $29K, expenses of $50K, and assets of $4K (revenue +14.9% year-over-year).
- 2012: Revenue of $25K, expenses of $28K, and assets of $25K (revenue -63.6% year-over-year).
- 2011: Revenue of $69K, expenses of $83K, and assets of $28K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Solimine Charitable Corporation:
Data Sources and Methodology
This transparency report for Solimine Charitable 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.