Thomas And Agnes Carvel Foundation

Thomas And Agnes Carvel Foundation consistently expends more than annual revenue, drawing on substantial $49M asset base.

EIN: 132879673 · Yonkers, NY · Updated: 2026-03-28

$16.0MRevenue

$49.2MAssets

85/100Mission Score (Excellent)

Is Thomas And Agnes Carvel Foundation Legit?

Some Concerns

GoodFiling Consistency

ExcellentSpending Efficiency

GoodTransparency

2 FoundRed Flags

Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →

Thomas And Agnes Carvel Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.

About Thomas And Agnes Carvel Foundation

Thomas And Agnes Carvel Foundation (EIN: 132879673) is a nonprofit organization based in Yonkers, NY. The organization reported total revenue of $16.0M and total assets of $49.2M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Thomas And Agnes Carvel Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Thomas And Agnes Carvel Foundation demonstrates a consistent pattern of grantmaking, with expenses often exceeding revenue in recent years, indicating a reliance on its substantial asset base. For instance, in 2023, expenses were $4,105,811 against revenues of $3,259,155. The foundation maintains a robust asset base, currently at $49,177,623, which has generally grown over the past decade, ensuring long-term sustainability for its philanthropic activities. The absence of reported officer compensation across all available filings suggests a lean administrative structure or that compensation is handled through other means, which could be a positive indicator of efficiency, though further detail would enhance transparency.

While the financial data shows consistent activity, the lack of detailed spending breakdowns (e.g., program vs. administrative vs. fundraising) in the provided summary makes a precise assessment of spending efficiency challenging. However, the consistent expenditure levels suggest a stable operational rhythm. The foundation's transparency could be further enhanced by providing more granular detail on how its expenses are allocated across its mission-related programs and administrative overhead.

Overall, the foundation appears financially stable with significant assets to support its mission. Its consistent grantmaking, even when annual revenues fluctuate, points to a well-managed endowment. The absence of officer compensation is a notable positive for efficiency, but a more detailed breakdown of expenses would allow for a more comprehensive evaluation of its spending efficiency and program focus.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Thomas And Agnes Carvel 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, Thomas And Agnes Carvel 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.

Executive Compensation Analysis

The foundation consistently reports 0% officer compensation across all available filings, indicating that executive leadership is either unpaid, compensated by an affiliated entity, or that the foundation operates with a volunteer-based leadership structure, which is highly efficient for an organization of its size.

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 Thomas And Agnes Carvel Foundation's IRS 990 filings:

Consistent annual expenses exceeding revenue, indicating reliance on asset drawdowns (e.g., 2023: $4.1M expenses vs. $3.2M revenue).
Lack of detailed expense breakdown (program, admin, fundraising) in provided data makes precise efficiency analysis difficult.

Strengths

The following positive indicators were identified for Thomas And Agnes Carvel Foundation:

Substantial and growing asset base ($49,177,623 latest assets) provides strong financial stability.
Consistent history of grantmaking and expenditures, demonstrating active philanthropic engagement.
0% reported officer compensation across all filings, suggesting highly efficient administrative costs or volunteer leadership.

Frequently Asked Questions about Thomas And Agnes Carvel Foundation

Is Thomas And Agnes Carvel Foundation a legitimate charity?

Based on AI analysis of IRS 990 filings, Thomas And Agnes Carvel Foundation (EIN: 132879673) some concerns. Mission Score: 85/100. 2 red flags identified, 3 strengths noted.

How does Thomas And Agnes Carvel Foundation spend its money?

Thomas And Agnes Carvel Foundation directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.

Are donations to Thomas And Agnes Carvel Foundation tax-deductible?

Thomas And Agnes Carvel Foundation is registered as a tax-exempt nonprofit (EIN: 132879673). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.

Is the Thomas And Agnes Carvel Foundation financially sustainable?

Yes, despite often spending more than its annual revenue (e.g., $4,105,811 expenses vs. $3,259,155 revenue in 2023), the foundation maintains a substantial asset base of $49,177,623, which ensures its long-term financial sustainability and ability to continue its grantmaking activities.

How does the foundation manage its expenses given fluctuating revenues?

The foundation appears to manage its expenses by drawing from its significant asset base. For example, in 2023, it spent $4,105,811 while only generating $3,259,155 in revenue, indicating a strategic use of its endowment to maintain consistent grantmaking.

What is the transparency level regarding executive compensation?

The foundation reports 0% officer compensation in all provided filings, which is highly transparent in indicating no direct compensation from the foundation itself. However, it would be beneficial to understand if compensation is provided through other related entities or if leadership is entirely volunteer-based.

Filing History

IRS 990 filing history for Thomas And Agnes Carvel Foundation showing financial trends over 10 years of public records:

Over 10 years of IRS 990 filings (2011–2023), Thomas And Agnes Carvel Foundation's revenue has declined by 5.6%, moving from $3.5M to $3.3M. Total assets increased by 23.4% over the same period, from $36.6M to $45.2M. Total functional expenses rose by 14%, from $3.6M to $4.1M. In its most recent filing year (2023), Thomas And Agnes Carvel Foundation reported a deficit of $847K, with expenses exceeding revenue. The organization holds $93K in liabilities against $45.2M in assets (debt-to-asset ratio: 0.2%), resulting in net assets of $45.1M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$3.3M	$4.1M	$45.2M	$93K	—	View 990
2022	$2.0M	$3.3M	$46.6M	$147K	—	View 990
2021	$3.9M	$3.6M	$54.7M	$264K	—	View 990
2020	$1.8M	$3.3M	$51.6M	$84K	—	—
2019	$2.2M	$3.3M	$49.6M	$45K	—	View 990
2015	$13.0M	$3.3M	$44.0M	$53K	—	View 990
2014	$2.6M	$2.8M	$39.2M	$68K	—	View 990
2013	$2.9M	$2.9M	$38.8M	$60K	—	View 990
2012	$435K	$2.1M	$35.9M	$80K	—	View 990
2011	$3.5M	$3.6M	$36.6M	$808K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $3.3M, expenses of $4.1M, and assets of $45.2M (revenue +60.4% year-over-year).
2022: Revenue of $2.0M, expenses of $3.3M, and assets of $46.6M (revenue -48.0% year-over-year).
2021: Revenue of $3.9M, expenses of $3.6M, and assets of $54.7M (revenue +116.5% year-over-year).
2020: Revenue of $1.8M, expenses of $3.3M, and assets of $51.6M (revenue -17.3% year-over-year).
2019: Revenue of $2.2M, expenses of $3.3M, and assets of $49.6M (revenue -83.2% year-over-year).
2015: Revenue of $13.0M, expenses of $3.3M, and assets of $44.0M (revenue +407.7% year-over-year).
2014: Revenue of $2.6M, expenses of $2.8M, and assets of $39.2M (revenue -11.4% year-over-year).
2013: Revenue of $2.9M, expenses of $2.9M, and assets of $38.8M (revenue +565.1% year-over-year).
2012: Revenue of $435K, expenses of $2.1M, and assets of $35.9M (revenue -87.4% year-over-year).
2011: Revenue of $3.5M, expenses of $3.6M, and assets of $36.6M.

Data Sources and Methodology

This transparency report for Thomas And Agnes Carvel 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.