The First Spoke Foundation
First Spoke Foundation faces significant financial deficit and declining assets, with liabilities surging to nearly match assets.
EIN: 200894628 · Chicago, IL · NTEE: X113 · Updated: 2026-03-28
Is The First Spoke Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The First Spoke Foundation directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About The First Spoke Foundation
The First Spoke Foundation (EIN: 200894628) is a nonprofit organization based in Chicago, IL, classified under NTEE code X113. The organization reported total revenue of $4.5M and total assets of $7.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The First Spoke Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The First Spoke Foundation 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 17.0%.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
| Total Revenue | $4.5M |
| Total Expenses | $12.9M |
| Surplus / Deficit | $-8,416,584 |
| Total Assets | $7.8M |
| Total Liabilities | $7.4M |
| Net Assets | $343K |
| Operating Margin | -187.9% |
| Debt-to-Asset Ratio | 95.6% |
| Months of Reserves | 7.2 months |
Financial Health Grade: C
In 2022, The First Spoke Foundation reported a deficit of $8.4M with expenses exceeding revenue, holds 7.2 months of operating reserves (strong position), has a debt-to-asset ratio of 95.6% (high leverage).
Financial Trends
Over 12 years of filings (2011–2022), The First Spoke Foundation's revenue has grown at a compound annual growth rate (CAGR) of 17.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2022 | +710.7% | +189.0% | -23.2% |
| 2021 | -32.3% | -3.6% | -18.3% |
| 2020 | +12.0% | +246.1% | -23.3% |
| 2019 | -53.9% | +14.3% | -0.4% |
| 2018 | +291.1% | +101.6% | +1.2% |
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 The First Spoke Foundation with a Mission Score of 55 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: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, The First Spoke Foundation allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $8.4M, with expenses exceeding revenue.
- Debt-to-asset ratio: 95.6%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers received reportable compensation from the organization, which is a positive sign 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 The First Spoke Foundation's IRS 990 filings:
- Significant and consistent operational deficits, with expenses far exceeding revenue in multiple recent periods.
- Dramatic increase in liabilities to $7,428,650 in 202206, nearly matching total assets.
- Sharp decline in total assets over the past several years, indicating depletion of reserves.
- Lack of clarity on how large deficits are being funded without significant revenue growth.
Strengths
The following positive indicators were identified for The First Spoke Foundation:
- Consistent reporting of 0% officer compensation, indicating no executive pay from the organization.
- Historically substantial asset base, though currently declining.
Frequently Asked Questions about The First Spoke Foundation
Is The First Spoke Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, The First Spoke Foundation (EIN: 200894628) some concerns. Mission Score: 55/100. 4 red flags identified, 2 strengths noted.
How does The First Spoke Foundation spend its money?
The First Spoke Foundation directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to The First Spoke Foundation tax-deductible?
The First Spoke Foundation is registered as a tax-exempt nonprofit (EIN: 200894628). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What caused the significant increase in expenses to $12,896,988 in 202206, far exceeding previous years?
The 202206 filing shows expenses more than double the previous highest expense year, while revenue did not increase proportionally, leading to a large deficit.
How does The First Spoke Foundation plan to address the substantial increase in liabilities to $7,428,650 in 202206?
Liabilities have surged from $1,028,600 in 202106 to $7,428,650 in 202206, representing a significant financial burden that needs clarification.
What is the source of funding for the consistent operational deficits observed over multiple years?
For several periods, including 202206, 202106, 202006, and 201906, expenses have significantly outpaced revenue, suggesting reliance on reserves or other undisclosed funding.
What is the explanation for the sharp decline in assets from over $17 million to $7,771,209?
Assets have steadily decreased from a high of $17,968,551 in 201406 to $7,771,209 in 202206, indicating a significant depletion of organizational resources.
Filing History
IRS 990 filing history for The First Spoke Foundation showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2011–2022), The First Spoke Foundation's revenue has grown by 462.8%, moving from $796K to $4.5M. Total assets decreased by 53.4% over the same period, from $16.7M to $7.8M. Total functional expenses rose by 537.6%, from $2.0M to $12.9M. In its most recent filing year (2022), The First Spoke Foundation reported a deficit of $8.4M, with expenses exceeding revenue. The organization holds $7.4M in liabilities against $7.8M in assets (debt-to-asset ratio: 95.6%), resulting in net assets of $343K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2022 | $4.5M | $12.9M | $7.8M | $7.4M | — | View 990 |
| 2021 | $553K | $4.5M | $10.1M | $1.0M | — | — |
| 2020 | $816K | $4.6M | $12.4M | $1.1M | — | View 990 |
| 2019 | $729K | $1.3M | $16.2M | $974K | — | View 990 |
| 2018 | $1.6M | $1.2M | $16.2M | $349K | — | View 990 |
| 2017 | $405K | $580K | $16.0M | $279K | — | View 990 |
| 2016 | $291K | $905K | $15.6M | $803K | — | View 990 |
| 2015 | $888K | $1.5M | $17.5M | $1.3M | — | View 990 |
| 2014 | $380K | $464K | $18.0M | $339K | — | View 990 |
| 2013 | $1.0M | $188K | $16.1M | $728K | — | View 990 |
| 2012 | $576K | $571K | $16.0M | $1.9M | — | View 990 |
| 2011 | $796K | $2.0M | $16.7M | $2.1M | — | View 990 |
Year-by-Year Financial Summary
- 2022: Revenue of $4.5M, expenses of $12.9M, and assets of $7.8M (revenue +710.7% year-over-year).
- 2021: Revenue of $553K, expenses of $4.5M, and assets of $10.1M (revenue -32.3% year-over-year).
- 2020: Revenue of $816K, expenses of $4.6M, and assets of $12.4M (revenue +12.0% year-over-year).
- 2019: Revenue of $729K, expenses of $1.3M, and assets of $16.2M (revenue -53.9% year-over-year).
- 2018: Revenue of $1.6M, expenses of $1.2M, and assets of $16.2M (revenue +291.1% year-over-year).
- 2017: Revenue of $405K, expenses of $580K, and assets of $16.0M (revenue +38.9% year-over-year).
- 2016: Revenue of $291K, expenses of $905K, and assets of $15.6M (revenue -67.2% year-over-year).
- 2015: Revenue of $888K, expenses of $1.5M, and assets of $17.5M (revenue +133.6% year-over-year).
- 2014: Revenue of $380K, expenses of $464K, and assets of $18.0M (revenue -63.2% year-over-year).
- 2013: Revenue of $1.0M, expenses of $188K, and assets of $16.1M (revenue +79.7% year-over-year).
- 2012: Revenue of $576K, expenses of $571K, and assets of $16.0M (revenue -27.7% year-over-year).
- 2011: Revenue of $796K, expenses of $2.0M, and assets of $16.7M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The First Spoke Foundation:
Data Sources and Methodology
This transparency report for The First Spoke 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.