The First Bank Foundation
EIN: 562068430 · Cheraw, SC · NTEE: T20Z
| Metric | Value |
|---|---|
| Total Revenue | $16K |
| Total Expenses | $28K |
| Net Assets | $600K |
Is The First Bank Foundation Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About The First Bank Foundation
The First Bank Foundation (EIN: 562068430) is a nonprofit organization based in Cheraw, SC, classified under NTEE code T20Z. The organization reported total revenue of $16K and total assets of $600K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The First Bank Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The First Bank Foundation is a micro nonprofit that has been operating for 28 years, with 10 years of IRS 990 filings on record (2011–2024). Revenue has grown at a compound annual rate of 0.1%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $16K |
| Total Expenses | $28K |
| Surplus / Deficit | $-11,815 |
| Total Assets | $600K |
| Total Liabilities | $1 |
| Net Assets | $600K |
| Operating Margin | -72.0% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 255.1 months |
Financial Health Grade: B
In 2024, The First Bank Foundation reported a deficit of $12K with expenses exceeding revenue, holds 255.1 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 (2011–2024), The First Bank Foundation's revenue has grown at a compound annual growth rate (CAGR) of 0.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | -59.3% | -13.7% | -4.0% |
| 2023 | +46.0% | +16.9% | -8.7% |
| 2022 | -2.5% | -13.0% | -16.2% |
| 2021 | +132.2% | -8.3% | +59.3% |
| 2020 | +59.8% | +109.1% | +26.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1998 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for The First Bank Foundation has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates The First Bank Foundation with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $12K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Frequently Asked Questions about The First Bank Foundation
Is The First Bank Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, The First Bank Foundation (EIN: 562068430) insufficient data. 0 red flags identified, 0 strengths noted.
How does The First Bank Foundation spend its money?
Detailed spending breakdown data is not yet available for The First Bank Foundation. Check back for updated IRS 990 analysis.
Are donations to The First Bank Foundation tax-deductible?
The First Bank Foundation is registered as a tax-exempt nonprofit (EIN: 562068430). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is The First Bank Foundation located?
The First Bank Foundation is headquartered in Cheraw, South Carolina and files with the IRS under EIN 562068430. It is classified under NTEE code T20Z.
How many years of IRS 990 filings does The First Bank Foundation have?
The First Bank 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 $16K in total revenue.
Filing History
IRS 990 filing history for The First Bank Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2024), The First Bank Foundation's revenue has grown by 1.9%, moving from $16K to $16K. Total assets increased by 129.6% over the same period, from $261K to $600K. Total functional expenses rose by 58.5%, from $18K to $28K. In its most recent filing year (2024), The First Bank Foundation reported a deficit of $12K, with expenses exceeding revenue. The organization holds $1 in liabilities against $600K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $600K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $16K | $28K | $600K | $1 | — | — |
| 2023 | $40K | $33K | $625K | $1 | — | View 990 |
| 2022 | $28K | $28K | $685K | $1 | — | — |
| 2021 | $28K | $32K | $817K | $1 | — | View 990 |
| 2020 | $12K | $35K | $513K | $0 | — | View 990 |
| 2015 | $8K | $17K | $404K | $0 | — | View 990 |
| 2014 | $11K | $14K | $453K | $0 | — | View 990 |
| 2013 | $8K | $14K | $352K | $0 | — | View 990 |
| 2012 | $18K | $18K | $228K | $0 | — | View 990 |
| 2011 | $16K | $18K | $261K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $16K, expenses of $28K, and assets of $600K (revenue -59.3% year-over-year).
- 2023: Revenue of $40K, expenses of $33K, and assets of $625K (revenue +46.0% year-over-year).
- 2022: Revenue of $28K, expenses of $28K, and assets of $685K (revenue -2.5% year-over-year).
- 2021: Revenue of $28K, expenses of $32K, and assets of $817K (revenue +132.2% year-over-year).
- 2020: Revenue of $12K, expenses of $35K, and assets of $513K (revenue +59.8% year-over-year).
- 2015: Revenue of $8K, expenses of $17K, and assets of $404K (revenue -29.4% year-over-year).
- 2014: Revenue of $11K, expenses of $14K, and assets of $453K (revenue +34.6% year-over-year).
- 2013: Revenue of $8K, expenses of $14K, and assets of $352K (revenue -55.7% year-over-year).
- 2012: Revenue of $18K, expenses of $18K, and assets of $228K (revenue +12.4% year-over-year).
- 2011: Revenue of $16K, expenses of $18K, and assets of $261K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The First Bank Foundation:
Data Sources and Methodology
This transparency report for The First Bank 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.