The Carney Scholarship Foundation Inc
The Carney Scholarship Foundation: Consistent Scholarship Focus, Limited Financial Detail
EIN: 222475037 · West Hartford, CT · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $1.1M |
| Total Expenses | $201K |
| Program Spending | 90% |
| Net Assets | $3.8M |
| Transparency Score | 85/100 |
Is The Carney Scholarship Foundation Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The Carney Scholarship Foundation Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The Carney Scholarship Foundation Inc
The Carney Scholarship Foundation Inc (EIN: 222475037) is a nonprofit organization based in West Hartford, CT. The organization reported total revenue of $1.1M and total assets of $4.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The Carney Scholarship Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The Carney Scholarship Foundation Inc is a mid-size nonprofit that has been operating for 43 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -9.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $41K |
| Total Expenses | $201K |
| Surplus / Deficit | $-159,733 |
| Total Assets | $3.8M |
| Net Assets | $3.8M |
| Operating Margin | -387.8% |
| Months of Reserves | 226.1 months |
Financial Health Grade: B
In 2023, The Carney Scholarship Foundation Inc reported a deficit of $160K with expenses exceeding revenue, holds 226.1 months of operating reserves (strong position).
Financial Trends
Over 13 years of filings (2011–2023), The Carney Scholarship Foundation Inc's revenue has declined at a compound annual growth rate (CAGR) of -9.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +15.1% | -0.2% | +10.4% |
| 2022 | -91.7% | -5.7% | -18.6% |
| 2021 | +58.7% | -31.4% | +6.8% |
| 2020 | +67.8% | +83.8% | +2.8% |
| 2019 | -38.3% | +4.9% | +14.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1983 |
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 The Carney Scholarship Foundation Inc with a Mission Score of 85 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: 5%
- programs: 90%
- fundraising: 5%
According to IRS 990 filings, The Carney Scholarship Foundation Inc allocates its expenses as follows: admin: 5%, programs: 90%, fundraising: 5%. 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 $160K, with expenses exceeding revenue.
Executive Compensation Analysis
Executive compensation cannot be assessed as the provided data does not include information on salaries or compensation for officers, directors, or key employees.
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 The Carney Scholarship Foundation Inc's IRS 990 filings:
- Lack of detailed breakdown for program expenses beyond 'scholarships' makes it difficult to fully assess program efficiency.
- The provided data does not include information on executive compensation, which is a key aspect of financial transparency.
Strengths
The following positive indicators were identified for The Carney Scholarship Foundation Inc:
- Consistent focus on scholarship distribution as indicated by the organization's name and implied mission.
- Zero reported lobbying or political campaign activities across all years, suggesting a clear focus on its core mission.
- Healthy asset base, with assets consistently over $3 million, indicating financial stability.
Frequently Asked Questions about The Carney Scholarship Foundation Inc
Is The Carney Scholarship Foundation Inc a legitimate charity?
The Carney Scholarship Foundation Inc (EIN: 222475037) is a registered tax-exempt nonprofit based in Connecticut. Our AI analysis gives it a Mission Score of 85/100. It has 13 years of IRS 990 filings on record. Total revenue: $1.1M. 2 red flags identified. 3 strengths noted. Financial health grade: B.
How does The Carney Scholarship Foundation Inc spend its money?
The Carney Scholarship Foundation Inc directs 90% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to The Carney Scholarship Foundation Inc tax-deductible?
The Carney Scholarship Foundation Inc is registered as a tax-exempt nonprofit (EIN: 222475037). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of The Carney Scholarship Foundation Inc's spending goes to programs?
The Carney Scholarship Foundation Inc directs 90% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is The Carney Scholarship Foundation Inc located?
The Carney Scholarship Foundation Inc is headquartered in West Hartford, Connecticut and files with the IRS under EIN 222475037.
How many years of IRS 990 filings does The Carney Scholarship Foundation Inc have?
The Carney Scholarship Foundation Inc has 13 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 $1.1M in total revenue.
What does The Carney Scholarship Foundation Inc do?
The Carney Scholarship Foundation Inc is a nonprofit organization in the Unknown sector, located in West Hartford, Connecticut. It is classified under NTEE code Unknown.
How much revenue does The Carney Scholarship Foundation Inc have?
The Carney Scholarship Foundation Inc reported total revenue of $1,143,333. Based on 13 IRS 990 filings on record.
What are The Carney Scholarship Foundation Inc's total assets?
The Carney Scholarship Foundation Inc holds total assets of $4,136,287 as reported in IRS 990 filings.
Where is The Carney Scholarship Foundation Inc located?
The Carney Scholarship Foundation Inc is based in West Hartford, Connecticut.
What is The Carney Scholarship Foundation Inc's EIN?
The Carney Scholarship Foundation Inc's Employer Identification Number (EIN) is 222475037. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is The Carney Scholarship Foundation Inc?
The Carney Scholarship Foundation Inc is classified under NTEE code Unknown (Unknown).
Is The Carney Scholarship Foundation Inc a registered 501(c)(3)?
The Carney Scholarship Foundation Inc appears in IRS records (EIN: 222475037). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does The Carney Scholarship Foundation Inc file IRS Form 990?
Yes, The Carney Scholarship Foundation Inc has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was The Carney Scholarship Foundation Inc's revenue in 2023?
In the 202312 filing period, The Carney Scholarship Foundation Inc reported total revenue of $41,192, total expenses of $200,925, and net assets of $3,785,434.
Is The Carney Scholarship Foundation Inc's revenue growing or declining?
The Carney Scholarship Foundation Inc's revenue is growing. Revenue went from $35,785 (202212) to $41,192 (202312), a +15.1% change. Based on 13 filings on record.
What is The Carney Scholarship Foundation Inc's most recent 990 filing?
The most recent IRS Form 990 filing for The Carney Scholarship Foundation Inc covers tax period 202312. It shows revenue of $41,192, expenses of $200,925, total assets of $3,785,434, and liabilities of N/A.
How much does The Carney Scholarship Foundation Inc spend on programs vs administration?
Based on IRS 990 analysis, The Carney Scholarship Foundation Inc allocates approximately 90% of expenses to program services, 5% to administrative costs, and 5% to fundraising. This indicates strong program focus.
Is The Carney Scholarship Foundation Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, The Carney Scholarship Foundation Inc appears trustworthy. Mission Score: 85/100 (Excellent). 2 red flags identified. 3 strengths noted.
What are the red flags for The Carney Scholarship Foundation Inc?
The following concerns were identified: Lack of detailed breakdown for program expenses beyond 'scholarships' makes it difficult to fully assess program efficiency.. The provided data does not include information on executive compensation, which is a key aspect of financial transparency.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are The Carney Scholarship Foundation Inc's strengths?
Positive indicators for The Carney Scholarship Foundation Inc include: Consistent focus on scholarship distribution as indicated by the organization's name and implied mission.. Zero reported lobbying or political campaign activities across all years, suggesting a clear focus on its core mission.. Healthy asset base, with assets consistently over $3 million, indicating financial stability.. These findings are derived from AI analysis of the organization's financial filings.
How does The Carney Scholarship Foundation Inc compensate executives?
Executive compensation cannot be assessed as the provided data does not include information on salaries or compensation for officers, directors, or key employees. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How transparent is The Carney Scholarship Foundation Inc?
The organization's filings consistently show '0' for lobbying and political campaign activities. Detailed breakdowns of program expenses beyond 'scholarships' are not readily available in the provided data. The financial data provided is limited to high-level revenue, expenses, and assets. Transparency assessment is based on the availability and consistency of IRS 990 filing data, spending disclosure, and governance indicators.
Given the consistent '0' for lobbying and political campaign activities, what specific strategies does The Carney Scholarship Foundation employ to reach potential scholarship recipients and ensure equitable access?
The provided data does not offer insights into specific outreach strategies. However, the absence of lobbying suggests a direct approach to scholarship distribution rather than advocating for policy changes.
Filing History
IRS 990 filing history for The Carney Scholarship Foundation Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), The Carney Scholarship Foundation Inc's revenue has declined by 69.6%, moving from $136K to $41K. Total assets increased by 26.2% over the same period, from $3.0M to $3.8M. Total functional expenses rose by 33.3%, from $151K to $201K. In its most recent filing year (2023), The Carney Scholarship Foundation Inc reported a deficit of $160K, with expenses exceeding revenue.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $41K | $201K | $3.8M | $0 | — | — |
| 2022 | $36K | $201K | $3.4M | $0 | — | View 990 |
| 2021 | $431K | $214K | $4.2M | $0 | — | View 990 |
| 2020 | $271K | $311K | $3.9M | $950 | — | View 990 |
| 2019 | $162K | $169K | $3.8M | $0 | — | View 990 |
| 2018 | $262K | $161K | $3.4M | $0 | — | View 990 |
| 2017 | $171K | $162K | $3.7M | $0 | — | View 990 |
| 2016 | $19K | $27K | $3.4M | $0 | — | View 990 |
| 2015 | $180K | $158K | $3.2M | $0 | — | View 990 |
| 2014 | $174K | $156K | $3.5M | $0 | — | View 990 |
| 2013 | $278K | $153K | $3.4M | $0 | — | View 990 |
| 2012 | $103K | $151K | $3.2M | $0 | — | View 990 |
| 2011 | $136K | $151K | $3.0M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $41K, expenses of $201K, and assets of $3.8M (revenue +15.1% year-over-year).
- 2022: Revenue of $36K, expenses of $201K, and assets of $3.4M (revenue -91.7% year-over-year).
- 2021: Revenue of $431K, expenses of $214K, and assets of $4.2M (revenue +58.7% year-over-year).
- 2020: Revenue of $271K, expenses of $311K, and assets of $3.9M (revenue +67.8% year-over-year).
- 2019: Revenue of $162K, expenses of $169K, and assets of $3.8M (revenue -38.3% year-over-year).
- 2018: Revenue of $262K, expenses of $161K, and assets of $3.4M (revenue +53.6% year-over-year).
- 2017: Revenue of $171K, expenses of $162K, and assets of $3.7M (revenue +776.2% year-over-year).
- 2016: Revenue of $19K, expenses of $27K, and assets of $3.4M (revenue -89.2% year-over-year).
- 2015: Revenue of $180K, expenses of $158K, and assets of $3.2M (revenue +3.5% year-over-year).
- 2014: Revenue of $174K, expenses of $156K, and assets of $3.5M (revenue -37.3% year-over-year).
- 2013: Revenue of $278K, expenses of $153K, and assets of $3.4M (revenue +170.6% year-over-year).
- 2012: Revenue of $103K, expenses of $151K, and assets of $3.2M (revenue -24.3% year-over-year).
- 2011: Revenue of $136K, expenses of $151K, and assets of $3.0M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The Carney Scholarship Foundation Inc:
Data Sources and Methodology
This transparency report for The Carney Scholarship Foundation Inc 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.