The Richard W Sorenson Family Foundation Inc
Sorenson Family Foundation: Consistent Grantmaking, Minimal Overhead
EIN: 222547323 · Ft Lauderdale, FL · Updated: 2026-04-04
Is The Richard W Sorenson Family 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 Richard W Sorenson Family Foundation Inc directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The Richard W Sorenson Family Foundation Inc
The Richard W Sorenson Family Foundation Inc (EIN: 222547323) is a nonprofit organization based in Ft Lauderdale, FL. The organization reported total revenue of $702K and total assets of $9.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The Richard W Sorenson Family Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The Richard W Sorenson Family Foundation Inc is a small nonprofit that has been operating for 41 years, with 10 years of IRS 990 filings on record (2011–2023).
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $523K |
| Total Expenses | $597K |
| Surplus / Deficit | $-73,911 |
| Total Assets | $9.8M |
| Total Liabilities | $1 |
| Net Assets | $9.8M |
| Operating Margin | -14.1% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 197.1 months |
Financial Health Grade: B
In 2023, The Richard W Sorenson Family Foundation Inc reported a deficit of $74K with expenses exceeding revenue, holds 197.1 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -30.2% | -17.4% | -0.7% |
| 2022 | -78.6% | -35.4% | +-0.0% |
| 2021 | +31.2% | +119.3% | +31.2% |
| 2020 | -35.1% | -19.2% | +40.2% |
| 2019 | +844.5% | +58.9% | +223.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1985 |
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 Richard W Sorenson Family Foundation Inc 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: 3%
- programs: 95%
- fundraising: 2%
According to IRS 990 filings, The Richard W Sorenson Family Foundation Inc allocates its expenses as follows: admin: 3%, programs: 95%, fundraising: 2%. With 95% 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 $74K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is reported as $0 across all available filings, indicating a volunteer-based leadership structure or compensation handled by an external entity not reported on the 990.
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 Richard W Sorenson Family Foundation Inc's IRS 990 filings:
- The 'nt' (nonprofit type) field is missing from the provided data, which could lead to misinterpretation of its operational context.
- A significant drop in revenue from $3,500,201 in 2021 to $749,414 in 2022 and further to $523,207 in 2023 warrants further investigation into funding sources.
Strengths
The following positive indicators were identified for The Richard W Sorenson Family Foundation Inc:
- Consistently low administrative and fundraising expenses, with programs accounting for the vast majority of expenditures.
- Healthy asset base, consistently above $5 million since 2019, providing long-term stability.
- Zero reported executive compensation suggests a highly efficient and potentially volunteer-driven leadership model.
- Consistent grantmaking activity, as evidenced by significant program expenses relative to total expenses.
Frequently Asked Questions about The Richard W Sorenson Family Foundation Inc
Is The Richard W Sorenson Family Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, The Richard W Sorenson Family Foundation Inc (EIN: 222547323) some concerns. Mission Score: 85/100. 2 red flags identified, 4 strengths noted.
How does The Richard W Sorenson Family Foundation Inc spend its money?
The Richard W Sorenson Family Foundation Inc directs 95% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to The Richard W Sorenson Family Foundation Inc tax-deductible?
The Richard W Sorenson Family Foundation Inc is registered as a tax-exempt nonprofit (EIN: 222547323). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does The Richard W Sorenson Family Foundation Inc do?
The Richard W Sorenson Family Foundation Inc is a nonprofit organization in the Unknown sector, located in Ft Lauderdale, Florida. It is classified under NTEE code Unknown.
How much revenue does The Richard W Sorenson Family Foundation Inc have?
The Richard W Sorenson Family Foundation Inc reported total revenue of $702,116. Based on 10 IRS 990 filings on record.
What are The Richard W Sorenson Family Foundation Inc's total assets?
The Richard W Sorenson Family Foundation Inc holds total assets of $9,680,123 as reported in IRS 990 filings.
Where is The Richard W Sorenson Family Foundation Inc located?
The Richard W Sorenson Family Foundation Inc is based in Ft Lauderdale, Florida.
What is The Richard W Sorenson Family Foundation Inc's EIN?
The Richard W Sorenson Family Foundation Inc's Employer Identification Number (EIN) is 222547323. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is The Richard W Sorenson Family Foundation Inc?
The Richard W Sorenson Family Foundation Inc is classified under NTEE code Unknown (Unknown).
Is The Richard W Sorenson Family Foundation Inc a registered 501(c)(3)?
The Richard W Sorenson Family Foundation Inc appears in IRS records (EIN: 222547323). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does The Richard W Sorenson Family Foundation Inc file IRS Form 990?
Yes, The Richard W Sorenson Family Foundation Inc has 10 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was The Richard W Sorenson Family Foundation Inc's revenue in 2023?
In the 202312 filing period, The Richard W Sorenson Family Foundation Inc reported total revenue of $523,207, total expenses of $597,118, and net assets of $9,806,716.
Is The Richard W Sorenson Family Foundation Inc's revenue growing or declining?
The Richard W Sorenson Family Foundation Inc's revenue is declining. Revenue went from $749,414 (202212) to $523,207 (202312), a -30.2% change. Based on 10 filings on record.
What is The Richard W Sorenson Family Foundation Inc's most recent 990 filing?
The most recent IRS Form 990 filing for The Richard W Sorenson Family Foundation Inc covers tax period 202312. It shows revenue of $523,207, expenses of $597,118, total assets of $9,806,716, and liabilities of $1.
How much does The Richard W Sorenson Family Foundation Inc spend on programs vs administration?
Based on IRS 990 analysis, The Richard W Sorenson Family Foundation Inc allocates approximately 95% of expenses to program services, 3% to administrative costs, and 2% to fundraising. This indicates strong program focus.
Is The Richard W Sorenson Family Foundation Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, The Richard W Sorenson Family Foundation Inc appears trustworthy. Mission Score: 85/100 (Excellent). 2 red flags identified. 4 strengths noted.
What are the red flags for The Richard W Sorenson Family Foundation Inc?
The following concerns were identified: The 'nt' (nonprofit type) field is missing from the provided data, which could lead to misinterpretation of its operational context.. A significant drop in revenue from $3,500,201 in 2021 to $749,414 in 2022 and further to $523,207 in 2023 warrants further investigation into funding sources.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are The Richard W Sorenson Family Foundation Inc's strengths?
Positive indicators for The Richard W Sorenson Family Foundation Inc include: Consistently low administrative and fundraising expenses, with programs accounting for the vast majority of expenditures.. Healthy asset base, consistently above $5 million since 2019, providing long-term stability.. Zero reported executive compensation suggests a highly efficient and potentially volunteer-driven leadership model.. Consistent grantmaking activity, as evidenced by significant program expenses relative to total expenses.. These findings are derived from AI analysis of the organization's financial filings.
How does The Richard W Sorenson Family Foundation Inc compensate executives?
Executive compensation is reported as $0 across all available filings, indicating a volunteer-based leadership structure or compensation handled by an external entity not reported on the 990. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the consistent $0 executive compensation, how does the foundation ensure effective governance and operational oversight?
The absence of reported executive compensation suggests that leadership roles may be filled by volunteers or compensated through an affiliated entity not directly reported on the foundation's 990. Effective governance would rely on the dedication and expertise of its board members and any uncompensated staff.
What factors contributed to the substantial decrease in revenue from $3.5 million in 2021 to $523,207 in 2023, and how does this impact future grantmaking capacity?
The significant decline in revenue could be due to various factors such as reduced contributions from the founding family, changes in investment income, or a shift in funding strategy. While the foundation maintains a strong asset base, sustained lower revenue could necessitate adjustments to future grantmaking levels to preserve its endowment.
Filing History
IRS 990 filing history for The Richard W Sorenson Family Foundation Inc showing financial trends over 10 years of public records:
Total assets increased by 374.4% over the same period, from $2.1M to $9.8M. Total functional expenses fell by 36.5%, from $941K to $597K. In its most recent filing year (2023), The Richard W Sorenson Family Foundation Inc reported a deficit of $74K, with expenses exceeding revenue. The organization holds $1 in liabilities against $9.8M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $9.8M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $523K | $597K | $9.8M | $1 | — | View 990 |
| 2022 | $749K | $723K | $9.9M | $1 | — | View 990 |
| 2021 | $3.5M | $1.1M | $9.9M | $1 | — | View 990 |
| 2020 | $2.7M | $510K | $7.5M | $1 | — | — |
| 2019 | $4.1M | $632K | $5.4M | $1 | — | View 990 |
| 2015 | $435K | $398K | $1.7M | $0 | — | View 990 |
| 2014 | $-853,319 | $472K | $1.6M | $0 | — | View 990 |
| 2013 | $1.2M | $459K | $3.0M | $0 | — | View 990 |
| 2012 | $626K | $498K | $2.2M | $0 | — | View 990 |
| 2011 | $-476,549 | $941K | $2.1M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $523K, expenses of $597K, and assets of $9.8M (revenue -30.2% year-over-year).
- 2022: Revenue of $749K, expenses of $723K, and assets of $9.9M (revenue -78.6% year-over-year).
- 2021: Revenue of $3.5M, expenses of $1.1M, and assets of $9.9M (revenue +31.2% year-over-year).
- 2020: Revenue of $2.7M, expenses of $510K, and assets of $7.5M (revenue -35.1% year-over-year).
- 2019: Revenue of $4.1M, expenses of $632K, and assets of $5.4M (revenue +844.5% year-over-year).
- 2015: Revenue of $435K, expenses of $398K, and assets of $1.7M.
- 2014: Revenue of $-853,319, expenses of $472K, and assets of $1.6M (revenue -170.3% year-over-year).
- 2013: Revenue of $1.2M, expenses of $459K, and assets of $3.0M (revenue +93.8% year-over-year).
- 2012: Revenue of $626K, expenses of $498K, and assets of $2.2M.
- 2011: Revenue of $-476,549, expenses of $941K, and assets of $2.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The Richard W Sorenson Family Foundation Inc:
Data Sources and Methodology
This transparency report for The Richard W Sorenson Family 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.