The Wallace Family Foundation Inc
Wallace Family Foundation shows strong asset growth and zero officer compensation over a decade.
EIN: 208798457 · Salisbury, NC · NTEE: T20 · Updated: 2026-03-28
Is The Wallace Family Foundation Inc Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The Wallace Family Foundation Inc directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The Wallace Family Foundation Inc
The Wallace Family Foundation Inc (EIN: 208798457) is a nonprofit organization based in Salisbury, NC, classified under NTEE code T20. The organization reported total revenue of $389K and total assets of $5.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The Wallace Family Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The Wallace Family Foundation Inc is a small nonprofit that has been operating for 12 years, with 14 years of IRS 990 filings on record (2008–2023). Revenue has grown at a compound annual rate of 14.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $797K |
| Total Expenses | $656K |
| Surplus / Deficit | +$141K |
| Total Assets | $5.5M |
| Total Liabilities | $516 |
| Net Assets | $5.5M |
| Operating Margin | 17.7% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 101.0 months |
Financial Health Grade: A
In 2023, The Wallace Family Foundation Inc reported a surplus of $141K with revenue exceeding expenses, holds 101.0 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 14 years of filings (2008–2023), The Wallace Family Foundation Inc's revenue has grown at a compound annual growth rate (CAGR) of 14.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -51.7% | -28.5% | +1.7% |
| 2022 | -8.2% | +1.5% | +15.6% |
| 2021 | +128.9% | +4458.0% | +23.6% |
| 2021 | -74.4% | -74.2% | +25.2% |
| 2020 | +457.6% | -84.8% | +4412.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2014 |
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 Wallace Family Foundation Inc with a Mission Score of 90 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: 5%
- programs: 95%
- fundraising: 0%
According to IRS 990 filings, The Wallace Family Foundation Inc allocates its expenses as follows: admin: 5%, programs: 95%, fundraising: 0%. 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 surplus of $141K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no salaries are paid to officers, which is highly unusual for an organization of this asset size ($5,522,113 in 2023) and suggests a volunteer-driven leadership or a structure where compensation is not reported in this category.
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.
Strengths
The following positive indicators were identified for The Wallace Family Foundation Inc:
- Consistent 0% officer compensation, indicating high efficiency and mission focus.
- Significant and consistent asset growth, from $3,611 in 2012 to $5,522,113 in 2023.
- Very low liabilities, indicating strong financial stability (e.g., $516 in 2023).
- High proportion of spending likely directed towards programs due to minimal overhead.
- Long history of IRS 990 filings (14 filings), demonstrating transparency and compliance.
Frequently Asked Questions about The Wallace Family Foundation Inc
Is The Wallace Family Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, The Wallace Family Foundation Inc (EIN: 208798457) appears legitimate. Mission Score: 90/100. 0 red flags identified, 5 strengths noted.
How does The Wallace Family Foundation Inc spend its money?
The Wallace Family Foundation Inc directs 95% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to The Wallace Family Foundation Inc tax-deductible?
The Wallace Family Foundation Inc is registered as a tax-exempt nonprofit (EIN: 208798457). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is The Wallace Family Foundation Inc a good charity?
Based on the available data, The Wallace Family Foundation Inc appears to be a very good charity. It demonstrates strong financial health with significant asset growth, very low liabilities, and a consistent record of 0% officer compensation, suggesting a high proportion of funds are directed towards its mission.
How does the foundation manage its administrative costs?
The foundation appears to manage its administrative costs exceptionally well, as evidenced by the consistent reporting of 0% officer compensation across all filings. This suggests that administrative overhead is either extremely low or covered by non-compensated individuals, allowing more funds to be allocated to programs.
What is the trend in the foundation's assets?
The foundation's assets have shown a remarkable upward trend, growing from $3,611 in 2012 to $5,522,113 in 2023, indicating strong financial management and successful accumulation of resources to support its mission.
Filing History
IRS 990 filing history for The Wallace Family Foundation Inc showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2008–2023), The Wallace Family Foundation Inc's revenue has grown by 696.4%, moving from $100K to $797K. Total assets increased by 12656.7% over the same period, from $43K to $5.5M. Total functional expenses rose by 1055.1%, from $57K to $656K. In its most recent filing year (2023), The Wallace Family Foundation Inc reported a surplus of $141K, with revenue exceeding expenses. The organization holds $516 in liabilities against $5.5M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $5.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $797K | $656K | $5.5M | $516 | — | — |
| 2022 | $1.7M | $918K | $5.4M | $516 | — | View 990 |
| 2021 | $1.8M | $904K | $4.7M | $1 | — | View 990 |
| 2021 | $786K | $20K | $3.8M | $1 | — | View 990 |
| 2020 | $3.1M | $77K | $3.0M | $1 | — | View 990 |
| 2016 | $550K | $507K | $67K | $1 | — | View 990 |
| 2015 | $75K | $109K | $24K | $1 | — | View 990 |
| 2014 | $91K | $224K | $58K | $0 | — | View 990 |
| 2013 | $235K | $48K | $191K | $0 | — | View 990 |
| 2012 | $30K | $30K | $4K | $0 | — | View 990 |
| 2011 | $20K | $54K | $4K | $0 | — | View 990 |
| 2010 | $75K | $49K | $38K | $0 | — | View 990 |
| 2009 | $42K | $73K | $12K | $0 | — | View 990 |
| 2008 | $100K | $57K | $43K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $797K, expenses of $656K, and assets of $5.5M (revenue -51.7% year-over-year).
- 2022: Revenue of $1.7M, expenses of $918K, and assets of $5.4M (revenue -8.2% year-over-year).
- 2021: Revenue of $1.8M, expenses of $904K, and assets of $4.7M (revenue +128.9% year-over-year).
- 2021: Revenue of $786K, expenses of $20K, and assets of $3.8M (revenue -74.4% year-over-year).
- 2020: Revenue of $3.1M, expenses of $77K, and assets of $3.0M (revenue +457.6% year-over-year).
- 2016: Revenue of $550K, expenses of $507K, and assets of $67K (revenue +633.3% year-over-year).
- 2015: Revenue of $75K, expenses of $109K, and assets of $24K (revenue -17.4% year-over-year).
- 2014: Revenue of $91K, expenses of $224K, and assets of $58K (revenue -61.4% year-over-year).
- 2013: Revenue of $235K, expenses of $48K, and assets of $191K (revenue +683.3% year-over-year).
- 2012: Revenue of $30K, expenses of $30K, and assets of $4K (revenue +50.0% year-over-year).
- 2011: Revenue of $20K, expenses of $54K, and assets of $4K (revenue -73.3% year-over-year).
- 2010: Revenue of $75K, expenses of $49K, and assets of $38K (revenue +79.5% year-over-year).
- 2009: Revenue of $42K, expenses of $73K, and assets of $12K (revenue -58.3% year-over-year).
- 2008: Revenue of $100K, expenses of $57K, and assets of $43K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The Wallace Family Foundation Inc:
Data Sources and Methodology
This transparency report for The Wallace 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.