The Shadow Funders Inc
The Shadow Funders Inc consistently spends more than it earns, drawing down on its substantial asset base.
EIN: 202031200 · Wilmington, DE · NTEE: T20 · Updated: 2026-03-28
Is The Shadow Funders Inc Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The Shadow Funders Inc directs 60% of its spending to programs. This falls below the 65% benchmark. Donors may want to investigate further.
About The Shadow Funders Inc
The Shadow Funders Inc (EIN: 202031200) is a nonprofit organization based in Wilmington, DE, classified under NTEE code T20. The organization reported total revenue of $416K and total assets of $672K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The Shadow Funders Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The Shadow Funders Inc is a small nonprofit that has been operating for 20 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -1.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $40K |
| Total Expenses | $56K |
| Surplus / Deficit | $-16,510 |
| Total Assets | $663K |
| Total Liabilities | $1 |
| Net Assets | $663K |
| Operating Margin | -41.7% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 141.8 months |
Financial Health Grade: B
In 2023, The Shadow Funders Inc reported a deficit of $17K with expenses exceeding revenue, holds 141.8 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 (2011–2023), The Shadow Funders Inc's revenue has declined at a compound annual growth rate (CAGR) of -1.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +263.3% | +61.9% | -2.4% |
| 2022 | -92.0% | +59.4% | -3.4% |
| 2021 | +409.2% | -70.4% | +19.5% |
| 2020 | -37.5% | +41.4% | -7.3% |
| 2019 | -66.2% | -58.1% | -15.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2006 |
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 Shadow Funders Inc with a Mission Score of 45 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: 30%
- programs: 60%
- fundraising: 10%
According to IRS 990 filings, The Shadow Funders 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 $17K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
No officer compensation has been reported across all 10 available IRS 990 filings, which is unusual for an organization with assets of $671,893 and consistent expenses, suggesting either a fully volunteer-led structure or compensation being reported in a non-standard manner.
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 Shadow Funders Inc's IRS 990 filings:
- Consistent deficit spending (expenses exceeding revenue in multiple years, e.g., 2023, 2022, 2020, 2019, 2012, 2011).
- Declining asset base over time, suggesting reliance on principal for operations.
- No reported officer compensation across all 10 filings, which can be a red flag for transparency or unusual operational structure.
Strengths
The following positive indicators were identified for The Shadow Funders Inc:
- Consistent IRS 990 filing history (10 filings), indicating compliance and transparency in reporting.
- Maintains a substantial asset base ($671,893), providing a buffer despite operational deficits.
- Very low liabilities ($1 across all reported periods), indicating minimal debt.
Frequently Asked Questions about The Shadow Funders Inc
Is The Shadow Funders Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, The Shadow Funders Inc (EIN: 202031200) significant concerns. Mission Score: 45/100. 3 red flags identified, 3 strengths noted.
How does The Shadow Funders Inc spend its money?
The Shadow Funders Inc directs 60% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to The Shadow Funders Inc tax-deductible?
The Shadow Funders Inc is registered as a tax-exempt nonprofit (EIN: 202031200). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is The Shadow Funders Inc a good charity?
The Shadow Funders Inc's financial health is concerning due to consistent deficit spending, with expenses frequently exceeding revenue (e.g., $56,073 expenses vs. $39,563 revenue in 2023). While it has a strong asset base, this trend is unsustainable. The lack of reported officer compensation is also a notable point.
How does The Shadow Funders Inc fund its operations?
The organization appears to fund its operations by drawing down on its existing assets, as evidenced by multiple years where expenses significantly outpaced revenue (e.g., $34,637 expenses vs. $10,890 revenue in 2022), leading to a decrease in total assets over time from $754,005 in 2015 to $662,550 in 2023.
What is the trend in The Shadow Funders Inc's assets?
The organization's assets have generally declined over the past decade, from a high of $754,005 in 2015 to $662,550 in 2023, indicating that the organization is likely using its principal to cover operational deficits.
Filing History
IRS 990 filing history for The Shadow Funders Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), The Shadow Funders Inc's revenue has declined by 14.7%, moving from $46K to $40K. Total assets decreased by 10.1% over the same period, from $737K to $663K. Total functional expenses fell by 60.1%, from $140K to $56K. In its most recent filing year (2023), The Shadow Funders Inc reported a deficit of $17K, with expenses exceeding revenue. The organization holds $1 in liabilities against $663K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $663K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $40K | $56K | $663K | $1 | — | View 990 |
| 2022 | $11K | $35K | $679K | $1 | — | View 990 |
| 2021 | $136K | $22K | $703K | $1 | — | View 990 |
| 2020 | $27K | $73K | $588K | $1 | — | View 990 |
| 2019 | $43K | $52K | $635K | $1 | — | View 990 |
| 2015 | $127K | $124K | $754K | $1 | — | View 990 |
| 2014 | $108K | $102K | $751K | $1 | — | View 990 |
| 2013 | $120K | $88K | $745K | $1 | — | View 990 |
| 2012 | $68K | $93K | $712K | $1 | — | View 990 |
| 2011 | $46K | $140K | $737K | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $40K, expenses of $56K, and assets of $663K (revenue +263.3% year-over-year).
- 2022: Revenue of $11K, expenses of $35K, and assets of $679K (revenue -92.0% year-over-year).
- 2021: Revenue of $136K, expenses of $22K, and assets of $703K (revenue +409.2% year-over-year).
- 2020: Revenue of $27K, expenses of $73K, and assets of $588K (revenue -37.5% year-over-year).
- 2019: Revenue of $43K, expenses of $52K, and assets of $635K (revenue -66.2% year-over-year).
- 2015: Revenue of $127K, expenses of $124K, and assets of $754K (revenue +18.0% year-over-year).
- 2014: Revenue of $108K, expenses of $102K, and assets of $751K (revenue -10.7% year-over-year).
- 2013: Revenue of $120K, expenses of $88K, and assets of $745K (revenue +77.8% year-over-year).
- 2012: Revenue of $68K, expenses of $93K, and assets of $712K (revenue +46.1% year-over-year).
- 2011: Revenue of $46K, expenses of $140K, and assets of $737K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The Shadow Funders Inc:
Data Sources and Methodology
This transparency report for The Shadow Funders 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.