The George E Richmond Foundation
The George E Richmond Foundation consistently spends more than it earns, drawing on substantial assets.
EIN: 204234710 · Chicago, IL · NTEE: T22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $3.8M |
| Total Expenses | $2.8M |
| Program Spending | 80% |
| Net Assets | $42.1M |
| Transparency Score | 75/100 |
Is The George E Richmond Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The George E Richmond Foundation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The George E Richmond Foundation
The George E Richmond Foundation (EIN: 204234710) is a nonprofit organization based in Chicago, IL, classified under NTEE code T22. The organization reported total revenue of $3.8M and total assets of $46.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The George E Richmond Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The George E Richmond Foundation is a mid-size nonprofit that has been operating for 19 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 35.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.2M |
| Total Expenses | $2.8M |
| Surplus / Deficit | $-547,242 |
| Total Assets | $42.9M |
| Total Liabilities | $853K |
| Net Assets | $42.1M |
| Operating Margin | -24.7% |
| Debt-to-Asset Ratio | 2.0% |
| Months of Reserves | 186.8 months |
Financial Health Grade: B
In 2023, The George E Richmond Foundation reported a deficit of $547K with expenses exceeding revenue, holds 186.8 months of operating reserves (strong position), has a debt-to-asset ratio of 2.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), The George E Richmond Foundation's revenue has grown at a compound annual growth rate (CAGR) of 35.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +91.8% | +5.6% | +5.2% |
| 2022 | -62.7% | -18.7% | -16.4% |
| 2021 | +206.0% | +37.1% | +14.4% |
| 2020 | -48.9% | -5.7% | +2.9% |
| 2019 | +107.3% | +9.4% | +14.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2007 |
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 George E Richmond Foundation with a Mission Score of 75 out of 100 (Good). 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: 80%
- fundraising: 5%
According to IRS 990 filings, The George E Richmond Foundation allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $547K, with expenses exceeding revenue.
- Debt-to-asset ratio: 2.0%.
Executive Compensation Analysis
The organization reports 0% officer compensation across all available filings, indicating that its leadership is either unpaid or compensated through other means not categorized as officer compensation, which is a positive indicator for resource allocation directly to mission.
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 George E Richmond Foundation's IRS 990 filings:
- Consistent operating deficits where expenses exceed revenue in recent years (e.g., 2023, 2022, 2021, 2020, 2019, 2015, 2014)
- Lack of detailed expense breakdown (program, admin, fundraising) in provided summary data
Strengths
The following positive indicators were identified for The George E Richmond Foundation:
- Substantial asset base ($46,080,047) providing financial stability
- Consistent IRS 990 filing history (10 filings) indicating transparency and compliance
- 0% reported officer compensation, suggesting efficient use of funds for mission
- Long-term operational history since at least 2011
Frequently Asked Questions about The George E Richmond Foundation
Is The George E Richmond Foundation a legitimate charity?
The George E Richmond Foundation (EIN: 204234710) is a registered tax-exempt nonprofit based in Illinois. Our AI analysis gives it a Mission Score of 75/100. It has 10 years of IRS 990 filings on record. Total revenue: $3.8M. 2 red flags identified. 4 strengths noted. Financial health grade: B.
How does The George E Richmond Foundation spend its money?
The George E Richmond Foundation directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to The George E Richmond Foundation tax-deductible?
The George E Richmond Foundation is registered as a tax-exempt nonprofit (EIN: 204234710). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of The George E Richmond Foundation's spending goes to programs?
The George E Richmond Foundation directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does The George E Richmond Foundation compare to similar nonprofits?
With a transparency score of 75/100 (Good), The George E Richmond Foundation is above average for NTEE category T22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is The George E Richmond Foundation located?
The George E Richmond Foundation is headquartered in Chicago, Illinois and files with the IRS under EIN 204234710. It is classified under NTEE code T22.
How many years of IRS 990 filings does The George E Richmond Foundation have?
The George E Richmond 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 $3.8M in total revenue.
How does The George E Richmond Foundation cover its consistent operating deficits, given that expenses frequently exceed revenue (e.g., $2.76M expenses vs. $2.21M revenue in 2023)?
The foundation likely covers these deficits through investment income from its substantial asset base ($46M) or by drawing down on accumulated reserves from periods of higher revenue, such as 2013 ($39.17M revenue) and 2012 ($35.56M revenue).
What is the specific breakdown of program, administrative, and fundraising expenses for the most recent fiscal year?
The provided data does not offer a detailed breakdown of expenses into program, administrative, and fundraising categories. A full IRS Form 990 would be needed to ascertain these specific percentages.
Given the 0% officer compensation, how are the foundation's leadership and key personnel compensated?
The 0% officer compensation suggests that the foundation's officers may be volunteers, or their compensation is reported under other expense categories, or they are compensated by an affiliated entity. Further review of the full 990, specifically Part VII, Section A, would clarify this.
Filing History
IRS 990 filing history for The George E Richmond Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), The George E Richmond Foundation's revenue has grown by 3766.6%, moving from $57K to $2.2M. Total assets increased by 3445.1% over the same period, from $1.2M to $42.9M. Total functional expenses rose by 3257.1%, from $82K to $2.8M. In its most recent filing year (2023), The George E Richmond Foundation reported a deficit of $547K, with expenses exceeding revenue. The organization holds $853K in liabilities against $42.9M in assets (debt-to-asset ratio: 2.0%), resulting in net assets of $42.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.2M | $2.8M | $42.9M | $853K | — | View 990 |
| 2022 | $1.2M | $2.6M | $40.8M | $1.3M | — | View 990 |
| 2021 | $3.1M | $3.2M | $48.8M | $1.8M | — | View 990 |
| 2020 | $1.0M | $2.3M | $42.6M | $829K | — | View 990 |
| 2019 | $2.0M | $2.5M | $41.4M | $123K | — | — |
| 2015 | $952K | $2.3M | $36.3M | $498K | — | View 990 |
| 2014 | $1.6M | $2.6M | $39.2M | $634K | — | View 990 |
| 2013 | $39.2M | $1.7M | $39.6M | $838K | — | View 990 |
| 2012 | $35.6M | $83K | $36.7M | $0 | — | View 990 |
| 2011 | $57K | $82K | $1.2M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.2M, expenses of $2.8M, and assets of $42.9M (revenue +91.8% year-over-year).
- 2022: Revenue of $1.2M, expenses of $2.6M, and assets of $40.8M (revenue -62.7% year-over-year).
- 2021: Revenue of $3.1M, expenses of $3.2M, and assets of $48.8M (revenue +206.0% year-over-year).
- 2020: Revenue of $1.0M, expenses of $2.3M, and assets of $42.6M (revenue -48.9% year-over-year).
- 2019: Revenue of $2.0M, expenses of $2.5M, and assets of $41.4M (revenue +107.3% year-over-year).
- 2015: Revenue of $952K, expenses of $2.3M, and assets of $36.3M (revenue -41.7% year-over-year).
- 2014: Revenue of $1.6M, expenses of $2.6M, and assets of $39.2M (revenue -95.8% year-over-year).
- 2013: Revenue of $39.2M, expenses of $1.7M, and assets of $39.6M (revenue +10.2% year-over-year).
- 2012: Revenue of $35.6M, expenses of $83K, and assets of $36.7M (revenue +62075.2% year-over-year).
- 2011: Revenue of $57K, expenses of $82K, and assets of $1.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The George E Richmond Foundation:
Data Sources and Methodology
This transparency report for The George E Richmond 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.