The Patrick J Mcgovern Foundation Inc
McGovern Foundation: Significant Assets, Fluctuating Revenue, and High Administrative Costs
EIN: 223021586 · Boston, MA · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $8.3M |
| Total Expenses | $76.7M |
| Program Spending | 60% |
| CEO/Top Officer Pay | $6,504,348, |
| Net Assets | $1.5B |
| Transparency Score | 75/100 |
Is The Patrick J Mcgovern 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 Patrick J Mcgovern Foundation Inc directs 60% of its spending to programs. This falls below the 65% benchmark. Donors may want to investigate further.
About The Patrick J Mcgovern Foundation Inc
The Patrick J Mcgovern Foundation Inc (EIN: 223021586) is a nonprofit organization based in Boston, MA. The organization reported total revenue of $8.3M and total assets of $1.5B according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The Patrick J Mcgovern Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The Patrick J Mcgovern Foundation Inc is a mid-size nonprofit that has been operating for 36 years, with 10 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of 137.4%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $13.5M |
| Total Expenses | $76.7M |
| Surplus / Deficit | $-63,196,744 |
| Total Assets | $1.5B |
| Total Liabilities | $6.5M |
| Net Assets | $1.5B |
| Operating Margin | -468.3% |
| Debt-to-Asset Ratio | 0.4% |
| Months of Reserves | 231.1 months |
Financial Health Grade: B
In 2023, The Patrick J Mcgovern Foundation Inc reported a deficit of $63.2M with expenses exceeding revenue, holds 231.1 months of operating reserves (strong position), has a debt-to-asset ratio of 0.4% (very low leverage).
Financial Trends
Over 10 years of filings (2012–2023), The Patrick J Mcgovern Foundation Inc's revenue has grown at a compound annual growth rate (CAGR) of 137.4%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -26.8% | -3.3% | +5.9% |
| 2022 | -11.8% | +70.6% | -16.0% |
| 2021 | +20108.7% | +143.3% | +12.7% |
| 2020 | -99.3% | -37.4% | +15.6% |
| 2020 | -56.6% | +94.1% | +0.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1990 |
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 Patrick J Mcgovern Foundation Inc 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: 30%
- programs: 60%
- fundraising: 10%
According to IRS 990 filings, The Patrick J Mcgovern Foundation Inc allocates its expenses as follows: admin: 30%, programs: 60%, fundraising: 10%. Approximately 60% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $63.2M, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.4%.
Executive Compensation Analysis
Executive compensation appears reasonable given the foundation's substantial assets. In 2023, the highest compensated individual received $6,504,348, which is a significant portion of the total expenses but needs context regarding roles and responsibilities.
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 Patrick J Mcgovern Foundation Inc's IRS 990 filings:
- Administrative expenses (X) are consistently high relative to total expenses, for example, $76,692,307 in 2023 compared to $13,495,563 in revenue.
- Revenue (R) has shown significant fluctuations, from $35,512,528 in 2019 to $103,473 in 2020, and then $13,495,563 in 2023, which could indicate reliance on volatile funding sources or specific large grants.
- The 'c0%' in the financial filings is unclear and could represent a lack of clarity on certain financial metrics.
Strengths
The following positive indicators were identified for The Patrick J Mcgovern Foundation Inc:
- The foundation holds substantial assets, totaling $1,528,279,575, providing a strong financial base for long-term operations.
- Consistent filing of 990 forms demonstrates a commitment to financial disclosure.
- The foundation has a long operational history, indicating stability and experience.
Frequently Asked Questions about The Patrick J Mcgovern Foundation Inc
Is The Patrick J Mcgovern Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, The Patrick J Mcgovern Foundation Inc (EIN: 223021586) some concerns. Mission Score: 75/100. 3 red flags identified, 3 strengths noted.
How does The Patrick J Mcgovern Foundation Inc spend its money?
The Patrick J Mcgovern Foundation Inc directs 60% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to The Patrick J Mcgovern Foundation Inc tax-deductible?
The Patrick J Mcgovern Foundation Inc is registered as a tax-exempt nonprofit (EIN: 223021586). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the The Patrick J Mcgovern Foundation Inc CEO make?
The Patrick J Mcgovern Foundation Inc's highest-compensated officer earns $6,504,348, annually. The organization reported $8.3M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of The Patrick J Mcgovern Foundation Inc's spending goes to programs?
The Patrick J Mcgovern Foundation Inc directs 60% to programs, 10% to fundraising. This falls below the 65% industry benchmark, which may warrant further review by donors.
Where is The Patrick J Mcgovern Foundation Inc located?
The Patrick J Mcgovern Foundation Inc is headquartered in Boston, Massachusetts and files with the IRS under EIN 223021586.
How many years of IRS 990 filings does The Patrick J Mcgovern Foundation Inc have?
The Patrick J Mcgovern Foundation Inc 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 $8.3M in total revenue.
What does The Patrick J Mcgovern Foundation Inc do?
The Patrick J Mcgovern Foundation Inc is a nonprofit organization in the Unknown sector, located in Boston, Massachusetts. It is classified under NTEE code Unknown.
How much revenue does The Patrick J Mcgovern Foundation Inc have?
The Patrick J Mcgovern Foundation Inc reported total revenue of $8,264,994. Based on 10 IRS 990 filings on record.
What are The Patrick J Mcgovern Foundation Inc's total assets?
The Patrick J Mcgovern Foundation Inc holds total assets of $1,528,279,575 as reported in IRS 990 filings.
Where is The Patrick J Mcgovern Foundation Inc located?
The Patrick J Mcgovern Foundation Inc is based in Boston, Massachusetts.
What is The Patrick J Mcgovern Foundation Inc's EIN?
The Patrick J Mcgovern Foundation Inc's Employer Identification Number (EIN) is 223021586. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is The Patrick J Mcgovern Foundation Inc?
The Patrick J Mcgovern Foundation Inc is classified under NTEE code Unknown (Unknown).
Is The Patrick J Mcgovern Foundation Inc a registered 501(c)(3)?
The Patrick J Mcgovern Foundation Inc appears in IRS records (EIN: 223021586). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does The Patrick J Mcgovern Foundation Inc file IRS Form 990?
Yes, The Patrick J Mcgovern Foundation Inc has 10 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was The Patrick J Mcgovern Foundation Inc's revenue in 2023?
In the 202312 filing period, The Patrick J Mcgovern Foundation Inc reported total revenue of $13,495,563, total expenses of $76,692,307, and net assets of $1,476,764,247.
Is The Patrick J Mcgovern Foundation Inc's revenue growing or declining?
The Patrick J Mcgovern Foundation Inc's revenue is declining. Revenue went from $18,432,891 (202212) to $13,495,563 (202312), a -26.8% change. Based on 10 filings on record.
What is The Patrick J Mcgovern Foundation Inc's most recent 990 filing?
The most recent IRS Form 990 filing for The Patrick J Mcgovern Foundation Inc covers tax period 202312. It shows revenue of $13,495,563, expenses of $76,692,307, total assets of $1,476,764,247, and liabilities of $6,504,348.
How much does The Patrick J Mcgovern Foundation Inc spend on programs vs administration?
Based on IRS 990 analysis, The Patrick J Mcgovern Foundation Inc allocates approximately 60% of expenses to program services, 30% to administrative costs, and 10% to fundraising. Program spending is moderate relative to overhead.
Is The Patrick J Mcgovern Foundation Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, The Patrick J Mcgovern Foundation Inc appears trustworthy. Mission Score: 75/100 (Good). 3 red flags identified. 3 strengths noted.
What are the red flags for The Patrick J Mcgovern Foundation Inc?
The following concerns were identified: Administrative expenses (X) are consistently high relative to total expenses, for example, $76,692,307 in 2023 compared to $13,495,563 in revenue.. Revenue (R) has shown significant fluctuations, from $35,512,528 in 2019 to $103,473 in 2020, and then $13,495,563 in 2023, which could indicate reliance on volatile funding sources or specific large grants.. The 'c0%' in the financial filings is unclear and could represent a lack of clarity on certain financial metrics.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are The Patrick J Mcgovern Foundation Inc's strengths?
Positive indicators for The Patrick J Mcgovern Foundation Inc include: The foundation holds substantial assets, totaling $1,528,279,575, providing a strong financial base for long-term operations.. Consistent filing of 990 forms demonstrates a commitment to financial disclosure.. The foundation has a long operational history, indicating stability and experience.. These findings are derived from AI analysis of the organization's financial filings.
How does The Patrick J Mcgovern Foundation Inc compensate executives?
Executive compensation appears reasonable given the foundation's substantial assets. In 2023, the highest compensated individual received $6,504,348, which is a significant portion of the total expenses but needs context regarding roles and responsibilities. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the substantial assets of over $1.5 billion, how does the foundation ensure optimal asset utilization to maximize its programmatic impact, especially when administrative expenses are consistently high?
While the foundation possesses significant assets, the high administrative expenses, such as $76,692,307 in 2023, suggest a need for a detailed breakdown of how these funds contribute directly to program delivery and impact, beyond general operational overhead.
What is the strategic rationale behind the significant year-over-year fluctuations in reported revenue, such as the drop from $35,512,528 in 2019 to $103,473 in 2020, and how does this impact long-term program planning?
The drastic revenue changes could indicate a reliance on large, infrequent grants or investment income volatility. Understanding the specific sources and strategies for managing these fluctuations is crucial for assessing the sustainability and predictability of program funding.
Filing History
IRS 990 filing history for The Patrick J Mcgovern Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2012–2023), The Patrick J Mcgovern Foundation Inc's revenue has grown by 1349456.3%, moving from $1K to $13.5M. Total assets increased by 153669436.6% over the same period, from $961 to $1.5B. Total functional expenses rose by 47634873.3%, from $161 to $76.7M. In its most recent filing year (2023), The Patrick J Mcgovern Foundation Inc reported a deficit of $63.2M, with expenses exceeding revenue. The organization holds $6.5M in liabilities against $1.5B in assets (debt-to-asset ratio: 0.4%), resulting in net assets of $1.5B.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $13.5M | $76.7M | $1.5B | $6.5M | — | View 990 |
| 2022 | $18.4M | $79.3M | $1.4B | $5.2M | — | View 990 |
| 2021 | $20.9M | $46.5M | $1.7B | $8.4M | — | View 990 |
| 2020 | $103K | $19.1M | $1.5B | $7.4M | — | View 990 |
| 2020 | $15.4M | $30.5M | $1.3B | $7.6M | — | View 990 |
| 2019 | $35.5M | $15.7M | $1.3B | $9.3M | — | View 990 |
| 2015 | $12.0M | $10.3M | $2.3M | $573K | — | View 990 |
| 2014 | $0 | $409 | $216 | $0 | — | View 990 |
| 2013 | $0 | $336 | $625 | $0 | — | View 990 |
| 2012 | $1K | $161 | $961 | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $13.5M, expenses of $76.7M, and assets of $1.5B (revenue -26.8% year-over-year).
- 2022: Revenue of $18.4M, expenses of $79.3M, and assets of $1.4B (revenue -11.8% year-over-year).
- 2021: Revenue of $20.9M, expenses of $46.5M, and assets of $1.7B (revenue +20108.7% year-over-year).
- 2020: Revenue of $103K, expenses of $19.1M, and assets of $1.5B (revenue -99.3% year-over-year).
- 2020: Revenue of $15.4M, expenses of $30.5M, and assets of $1.3B (revenue -56.6% year-over-year).
- 2019: Revenue of $35.5M, expenses of $15.7M, and assets of $1.3B (revenue +195.9% year-over-year).
- 2015: Revenue of $12.0M, expenses of $10.3M, and assets of $2.3M.
- 2014: Revenue of $0, expenses of $409, and assets of $216.
- 2013: Revenue of $0, expenses of $336, and assets of $625 (revenue -100.0% year-over-year).
- 2012: Revenue of $1K, expenses of $161, and assets of $961.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The Patrick J Mcgovern Foundation Inc:
Data Sources and Methodology
This transparency report for The Patrick J Mcgovern 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.