The Carpenters Boatshop
The Carpenters Boatshop: Steady Finances, Clear Mission
EIN: 222512976 · Pemaquid, ME · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $768K |
| Total Expenses | $553K |
| Program Spending | 75% |
| Net Assets | $2.2M |
| Transparency Score | 85/100 |
Is The Carpenters Boatshop Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The Carpenters Boatshop directs 75% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The Carpenters Boatshop
The Carpenters Boatshop (EIN: 222512976) is a nonprofit organization based in Pemaquid, ME. The organization reported total revenue of $768K and total assets of $2.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The Carpenters Boatshop's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The Carpenters Boatshop is a small nonprofit that has been operating for 42 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 0.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $610K |
| Total Expenses | $553K |
| Surplus / Deficit | +$57K |
| Total Assets | $2.2M |
| Total Liabilities | $4K |
| Net Assets | $2.2M |
| Operating Margin | 9.3% |
| Debt-to-Asset Ratio | 0.2% |
| Months of Reserves | 47.8 months |
Financial Health Grade: A
In 2023, The Carpenters Boatshop reported a surplus of $57K with revenue exceeding expenses, holds 47.8 months of operating reserves (strong position), has a debt-to-asset ratio of 0.2% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), The Carpenters Boatshop's revenue has grown at a compound annual growth rate (CAGR) of 0.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +10.6% | +17.7% | +2.8% |
| 2022 | +36.5% | +27.8% | +2.1% |
| 2021 | +17.7% | -13.2% | -0.8% |
| 2020 | -15.1% | -16.0% | -0.9% |
| 2019 | -10.8% | +11.4% | -4.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1984 |
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 Carpenters Boatshop 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: 15%
- programs: 75%
- fundraising: 10%
According to IRS 990 filings, The Carpenters Boatshop allocates its expenses as follows: admin: 15%, programs: 75%, fundraising: 10%. With 75% 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 surplus of $57K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.2%.
Executive Compensation Analysis
Executive compensation is not reported in the provided data, suggesting it is below the IRS reporting threshold for key employees, indicating a lean operational structure.
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.
Strengths
The following positive indicators were identified for The Carpenters Boatshop:
- Consistent revenue generation over several years, with recent growth to $609,987 in 2023.
- Strong asset base, consistently over $2 million, providing financial stability.
- Low or no reported liabilities, indicating sound financial management.
- Clear and focused mission on traditional boatbuilding and community engagement.
Frequently Asked Questions about The Carpenters Boatshop
Is The Carpenters Boatshop a legitimate charity?
The Carpenters Boatshop (EIN: 222512976) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 85/100. It has 13 years of IRS 990 filings on record. Total revenue: $768K. No red flags identified. 4 strengths noted. Financial health grade: A.
How does The Carpenters Boatshop spend its money?
The Carpenters Boatshop directs 75% of its spending to programs and services. Fundraising costs 10%. This exceeds the 65% industry benchmark.
Are donations to The Carpenters Boatshop tax-deductible?
The Carpenters Boatshop is registered as a tax-exempt nonprofit (EIN: 222512976). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of The Carpenters Boatshop's spending goes to programs?
The Carpenters Boatshop directs 75% to programs, 10% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is The Carpenters Boatshop located?
The Carpenters Boatshop is headquartered in Pemaquid, Maine and files with the IRS under EIN 222512976.
How many years of IRS 990 filings does The Carpenters Boatshop have?
The Carpenters Boatshop 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 $768K in total revenue.
What does The Carpenters Boatshop do?
The Carpenters Boatshop is a nonprofit organization in the Unknown sector, located in Pemaquid, Maine. It is classified under NTEE code Unknown.
How much revenue does The Carpenters Boatshop have?
The Carpenters Boatshop reported total revenue of $768,153. Based on 13 IRS 990 filings on record.
What are The Carpenters Boatshop's total assets?
The Carpenters Boatshop holds total assets of $2,265,654 as reported in IRS 990 filings.
Where is The Carpenters Boatshop located?
The Carpenters Boatshop is based in Pemaquid, Maine.
What is The Carpenters Boatshop's EIN?
The Carpenters Boatshop's Employer Identification Number (EIN) is 222512976. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is The Carpenters Boatshop?
The Carpenters Boatshop is classified under NTEE code Unknown (Unknown).
Is The Carpenters Boatshop a registered 501(c)(3)?
The Carpenters Boatshop appears in IRS records (EIN: 222512976). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does The Carpenters Boatshop file IRS Form 990?
Yes, The Carpenters Boatshop has 13 IRS Form 990 filings on record. The most recent covers tax period 202308.
What was The Carpenters Boatshop's revenue in 2023?
In the 202308 filing period, The Carpenters Boatshop reported total revenue of $609,987, total expenses of $553,116, and net assets of $2,203,101.
Is The Carpenters Boatshop's revenue growing or declining?
The Carpenters Boatshop's revenue is growing. Revenue went from $551,620 (202208) to $609,987 (202308), a +10.6% change. Based on 13 filings on record.
What is The Carpenters Boatshop's most recent 990 filing?
The most recent IRS Form 990 filing for The Carpenters Boatshop covers tax period 202308. It shows revenue of $609,987, expenses of $553,116, total assets of $2,203,101, and liabilities of $3,550.
How much does The Carpenters Boatshop spend on programs vs administration?
Based on IRS 990 analysis, The Carpenters Boatshop allocates approximately 75% of expenses to program services, 15% to administrative costs, and 10% to fundraising. This indicates strong program focus.
Is The Carpenters Boatshop a trustworthy charity?
Based on AI analysis of IRS 990 data, The Carpenters Boatshop appears trustworthy. Mission Score: 85/100 (Excellent). No red flags identified. 4 strengths noted.
What are The Carpenters Boatshop's strengths?
Positive indicators for The Carpenters Boatshop include: Consistent revenue generation over several years, with recent growth to $609,987 in 2023.. Strong asset base, consistently over $2 million, providing financial stability.. Low or no reported liabilities, indicating sound financial management.. Clear and focused mission on traditional boatbuilding and community engagement.. These findings are derived from AI analysis of the organization's financial filings.
How does The Carpenters Boatshop compensate executives?
Executive compensation is not reported in the provided data, suggesting it is below the IRS reporting threshold for key employees, indicating a lean operational structure. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How does the absence of reported executive compensation impact the overall assessment of administrative efficiency?
The lack of reported executive compensation (likely below $150,000 for any individual) suggests a highly efficient and potentially volunteer-driven or modestly compensated leadership structure, which can contribute to a higher percentage of funds directly supporting programs.
Given the consistent asset base and revenue, what strategies might The Carpenters Boatshop employ to further expand its programmatic reach without compromising financial stability?
With a stable asset base and consistent revenue, the organization could explore targeted capital campaigns for specific program expansions, invest in endowment growth to secure long-term funding, or develop strategic partnerships to leverage resources and broaden impact.
Filing History
IRS 990 filing history for The Carpenters Boatshop showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), The Carpenters Boatshop's revenue has grown by 2.6%, moving from $594K to $610K. Total assets decreased by 1.8% over the same period, from $2.2M to $2.2M. Total functional expenses rose by 33.5%, from $414K to $553K. In its most recent filing year (2023), The Carpenters Boatshop reported a surplus of $57K, with revenue exceeding expenses. The organization holds $4K in liabilities against $2.2M in assets (debt-to-asset ratio: 0.2%), resulting in net assets of $2.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $610K | $553K | $2.2M | $4K | — | View 990 |
| 2022 | $552K | $470K | $2.1M | $1K | — | View 990 |
| 2021 | $404K | $368K | $2.1M | $9K | — | View 990 |
| 2020 | $343K | $424K | $2.1M | $63K | — | View 990 |
| 2019 | $405K | $504K | $2.1M | $0 | — | View 990 |
| 2018 | $454K | $453K | $2.2M | $0 | — | View 990 |
| 2017 | $342K | $431K | $2.2M | $0 | — | View 990 |
| 2016 | $320K | $417K | $2.3M | $3K | — | View 990 |
| 2015 | $367K | $451K | $2.4M | $43K | — | View 990 |
| 2014 | $821K | $445K | $2.6M | $83K | — | View 990 |
| 2013 | $497K | $433K | $2.2M | $123K | — | View 990 |
| 2012 | $448K | $317K | $2.2M | $200K | — | View 990 |
| 2011 | $594K | $414K | $2.2M | $389K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $610K, expenses of $553K, and assets of $2.2M (revenue +10.6% year-over-year).
- 2022: Revenue of $552K, expenses of $470K, and assets of $2.1M (revenue +36.5% year-over-year).
- 2021: Revenue of $404K, expenses of $368K, and assets of $2.1M (revenue +17.7% year-over-year).
- 2020: Revenue of $343K, expenses of $424K, and assets of $2.1M (revenue -15.1% year-over-year).
- 2019: Revenue of $405K, expenses of $504K, and assets of $2.1M (revenue -10.8% year-over-year).
- 2018: Revenue of $454K, expenses of $453K, and assets of $2.2M (revenue +32.7% year-over-year).
- 2017: Revenue of $342K, expenses of $431K, and assets of $2.2M (revenue +6.7% year-over-year).
- 2016: Revenue of $320K, expenses of $417K, and assets of $2.3M (revenue -12.6% year-over-year).
- 2015: Revenue of $367K, expenses of $451K, and assets of $2.4M (revenue -55.3% year-over-year).
- 2014: Revenue of $821K, expenses of $445K, and assets of $2.6M (revenue +65.1% year-over-year).
- 2013: Revenue of $497K, expenses of $433K, and assets of $2.2M (revenue +11.0% year-over-year).
- 2012: Revenue of $448K, expenses of $317K, and assets of $2.2M (revenue -24.6% year-over-year).
- 2011: Revenue of $594K, expenses of $414K, and assets of $2.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The Carpenters Boatshop:
Data Sources and Methodology
This transparency report for The Carpenters Boatshop 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.