Third Federal Foundation
Third Federal Foundation consistently spends more than it earns, drawing down assets to fund its grantmaking mission.
EIN: 208467212 · Cleveland, OH · NTEE: T21 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $8.3M |
| Total Expenses | $5.3M |
| Program Spending | 90% |
| Net Assets | $29.0M |
| Transparency Score | 85/100 |
Is Third Federal Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Third Federal Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Third Federal Foundation
Third Federal Foundation (EIN: 208467212) is a nonprofit organization based in Cleveland, OH, classified under NTEE code T21. The organization reported total revenue of $8.3M and total assets of $28.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Third Federal Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Third Federal Foundation is a mid-size nonprofit that has been operating for 19 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 | $2.9M |
| Total Expenses | $5.3M |
| Surplus / Deficit | $-2,351,644 |
| Total Assets | $29.0M |
| Total Liabilities | $1 |
| Net Assets | $29.0M |
| Operating Margin | -80.6% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 66.1 months |
Financial Health Grade: B
In 2023, Third Federal Foundation reported a deficit of $2.4M with expenses exceeding revenue, holds 66.1 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 | +109.3% | -9.7% | -7.4% |
| 2022 | -61.5% | -2.3% | -12.2% |
| 2021 | -4.6% | +18.3% | -6.2% |
| 2020 | +10.7% | -3.8% | -3.0% |
| 2019 | -69.3% | +30.2% | -15.8% |
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 Third Federal Foundation 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: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, Third Federal Foundation allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% 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 $2.4M, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officer salaries are paid, which is highly unusual and suggests a volunteer-led or externally supported administrative structure, allowing more funds to directly support the 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 Third Federal Foundation's IRS 990 filings:
- Consistent negative net income (expenses exceeding revenue) over multiple years, leading to asset depletion.
- Significant decline in total assets over the past decade (from $46.6M in 2015 to $28.0M currently).
Strengths
The following positive indicators were identified for Third Federal Foundation:
- 0% officer compensation across all filings, indicating highly efficient use of funds for mission.
- Consistently low liabilities, demonstrating strong financial management and minimal debt.
- Long history of IRS 990 filings, indicating transparency and compliance.
- Active distribution of funds through grantmaking, fulfilling its purpose as a foundation.
Frequently Asked Questions about Third Federal Foundation
Is Third Federal Foundation a legitimate charity?
Third Federal Foundation (EIN: 208467212) is a registered tax-exempt nonprofit based in Ohio. Our AI analysis gives it a Mission Score of 85/100. It has 10 years of IRS 990 filings on record. Total revenue: $8.3M. 2 red flags identified. 4 strengths noted. Financial health grade: B.
How does Third Federal Foundation spend its money?
Third Federal Foundation directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Third Federal Foundation tax-deductible?
Third Federal Foundation is registered as a tax-exempt nonprofit (EIN: 208467212). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Third Federal Foundation compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Third Federal Foundation is above average for NTEE category T21 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Third Federal Foundation located?
Third Federal Foundation is headquartered in Cleveland, Ohio and files with the IRS under EIN 208467212. It is classified under NTEE code T21.
How many years of IRS 990 filings does Third Federal Foundation have?
Third Federal 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 $8.3M in total revenue.
Is Third Federal Foundation a good charity?
Based on the provided data, Third Federal Foundation appears to be a good charity, particularly due to its 0% officer compensation, indicating a strong commitment to directing funds to its mission. Its consistent grantmaking, even while drawing down assets, aligns with its purpose as a grantmaking foundation.
Why are expenses consistently higher than revenue?
As a grantmaking foundation, it is common for expenses (primarily grants paid) to exceed annual revenue, especially if the foundation is spending down its endowment or distributing accumulated funds. This is a deliberate strategy for many foundations to fulfill their charitable purpose.
What is the long-term sustainability plan given the declining assets?
The declining asset base, from $46.6M in 2015 to $28.0M currently, suggests a spend-down strategy. While not inherently negative for a foundation, understanding if this is a planned spend-down or if there are future revenue generation or asset replenishment strategies would be crucial for long-term sustainability.
How does the foundation manage its administrative costs without officer compensation?
The consistent 0% officer compensation is highly unusual for an organization of this size. It suggests that administrative functions might be performed by volunteers, pro bono services, or potentially covered by an affiliated entity, which would be a significant efficiency for the foundation.
Filing History
IRS 990 filing history for Third Federal Foundation showing financial trends over 10 years of public records:
Total assets decreased by 37.4% over the same period, from $46.4M to $29.0M. Total functional expenses rose by 59.4%, from $3.3M to $5.3M. In its most recent filing year (2023), Third Federal Foundation reported a deficit of $2.4M, with expenses exceeding revenue. The organization holds $1 in liabilities against $29.0M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $29.0M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.9M | $5.3M | $29.0M | $1 | — | View 990 |
| 2022 | $1.4M | $5.8M | $31.4M | $347 | — | View 990 |
| 2021 | $3.6M | $6.0M | $35.7M | $404 | — | View 990 |
| 2020 | $3.8M | $5.0M | $38.1M | $1 | — | View 990 |
| 2019 | $3.4M | $5.2M | $39.3M | $1 | — | View 990 |
| 2015 | $11.2M | $4.0M | $46.6M | $1 | — | View 990 |
| 2014 | $1.0M | $3.0M | $39.5M | $1 | — | View 990 |
| 2013 | $365K | $2.6M | $41.1M | $1 | — | View 990 |
| 2012 | $-240,092 | $2.7M | $43.4M | $1 | — | View 990 |
| 2011 | $-106,477 | $3.3M | $46.4M | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.9M, expenses of $5.3M, and assets of $29.0M (revenue +109.3% year-over-year).
- 2022: Revenue of $1.4M, expenses of $5.8M, and assets of $31.4M (revenue -61.5% year-over-year).
- 2021: Revenue of $3.6M, expenses of $6.0M, and assets of $35.7M (revenue -4.6% year-over-year).
- 2020: Revenue of $3.8M, expenses of $5.0M, and assets of $38.1M (revenue +10.7% year-over-year).
- 2019: Revenue of $3.4M, expenses of $5.2M, and assets of $39.3M (revenue -69.3% year-over-year).
- 2015: Revenue of $11.2M, expenses of $4.0M, and assets of $46.6M (revenue +964.2% year-over-year).
- 2014: Revenue of $1.0M, expenses of $3.0M, and assets of $39.5M (revenue +187.4% year-over-year).
- 2013: Revenue of $365K, expenses of $2.6M, and assets of $41.1M.
- 2012: Revenue of $-240,092, expenses of $2.7M, and assets of $43.4M.
- 2011: Revenue of $-106,477, expenses of $3.3M, and assets of $46.4M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Third Federal Foundation:
Data Sources and Methodology
This transparency report for Third Federal 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.