Thomas And Pamela Korn Family Foundation Inc
Thomas And Pamela Korn Family Foundation Inc. consistently spends more than its revenue, leading to a significant decline in assets over the past decade.
EIN: 202033690 · Vonore, TN · NTEE: T20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $99K |
| Total Expenses | $102K |
| Program Spending | 90% |
| Net Assets | $124K |
| Transparency Score | 65/100 |
Is Thomas And Pamela Korn 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 →
Thomas And Pamela Korn Family Foundation Inc directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Thomas And Pamela Korn Family Foundation Inc
Thomas And Pamela Korn Family Foundation Inc (EIN: 202033690) is a nonprofit organization based in Vonore, TN, classified under NTEE code T20. The organization reported total revenue of $99K and total assets of $124K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Thomas And Pamela Korn Family Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Thomas And Pamela Korn Family Foundation Inc is a micro nonprofit that has been operating for 19 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -1.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $99K |
| Total Expenses | $102K |
| Surplus / Deficit | $-2,940 |
| Total Assets | $124K |
| Total Liabilities | $1 |
| Net Assets | $124K |
| Operating Margin | -3.0% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 14.6 months |
Financial Health Grade: B
In 2023, Thomas And Pamela Korn Family Foundation Inc reported a deficit of $3K with expenses exceeding revenue, holds 14.6 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), Thomas And Pamela Korn Family Foundation Inc's revenue has declined at a compound annual growth rate (CAGR) of -1.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +227.5% | +1.1% | -1.9% |
| 2021 | -211.1% | -0.3% | -59.6% |
| 2020 | +52070.8% | +11383.8% | -16.2% |
| 2019 | -99.9% | -99.2% | -65.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1200 |
| 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 Thomas And Pamela Korn Family Foundation Inc with a Mission Score of 65 out of 100 (Good). 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 Pamela Korn Family Foundation Inc 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 $3K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
The organization reports 0% officer compensation across all available filings, indicating that no salaries are paid to its officers, which is a positive for minimizing administrative overhead.
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 Pamela Korn Family Foundation Inc's IRS 990 filings:
- Significant and consistent decline in assets over the past decade (from $980,879 in 2013 to $123,559 in 2023).
- Expenses frequently exceed revenue (e.g., $101,508 expenses vs. $98,568 revenue in 2023; $100,375 expenses vs. $30,094 revenue in 2022), indicating reliance on asset drawdowns.
- Negative revenue reported in 2021 ($-55,622), which could indicate significant investment losses or adjustments.
Strengths
The following positive indicators were identified for Thomas And Pamela Korn Family Foundation Inc:
- No officer compensation reported, indicating low executive overhead.
- Consistent level of expenses (around $100,000-$110,000 annually in recent years) suggests a steady commitment to its mission through disbursements.
- Very low liabilities ($1 across all filings) indicates strong financial control over debt.
Frequently Asked Questions about Thomas And Pamela Korn Family Foundation Inc
Is Thomas And Pamela Korn Family Foundation Inc a legitimate charity?
Thomas And Pamela Korn Family Foundation Inc (EIN: 202033690) is a registered tax-exempt nonprofit based in Tennessee. Our AI analysis gives it a Mission Score of 65/100. It has 10 years of IRS 990 filings on record. Total revenue: $99K. 3 red flags identified. 3 strengths noted. Financial health grade: B.
How does Thomas And Pamela Korn Family Foundation Inc spend its money?
Thomas And Pamela Korn Family Foundation Inc directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Thomas And Pamela Korn Family Foundation Inc tax-deductible?
Thomas And Pamela Korn Family Foundation Inc is registered as a tax-exempt nonprofit (EIN: 202033690). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Thomas And Pamela Korn Family Foundation Inc compare to similar nonprofits?
With a transparency score of 65/100 (Good), Thomas And Pamela Korn Family Foundation Inc is above average for NTEE category T20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Thomas And Pamela Korn Family Foundation Inc located?
Thomas And Pamela Korn Family Foundation Inc is headquartered in Vonore, Tennessee and files with the IRS under EIN 202033690. It is classified under NTEE code T20.
How many years of IRS 990 filings does Thomas And Pamela Korn Family Foundation Inc have?
Thomas And Pamela Korn Family Foundation Inc 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 $99K in total revenue.
What specific programs or grants does the Thomas And Pamela Korn Family Foundation Inc. support?
The provided data does not detail the specific programs or grants supported by the foundation. As a private grantmaking foundation (NTEE T20), its primary activity would be making grants to other organizations or individuals.
What is the long-term strategy for the foundation given its declining asset base?
The financial data shows a consistent decline in assets from $980,879 in 2013 to $123,559 in 2023, while expenses have often exceeded revenue. This suggests the foundation is drawing down its principal. The long-term strategy is not explicitly stated in the provided data, but this trend raises questions about the sustainability of its current spending levels.
How does the foundation manage its investments to generate revenue?
The revenue figures fluctuate significantly, including a negative revenue of $-55,622 in 2021. This volatility suggests reliance on investment income, which can be subject to market fluctuations. The specific investment management strategy is not detailed in the provided IRS 990 summary data.
Filing History
IRS 990 filing history for Thomas And Pamela Korn Family Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Thomas And Pamela Korn Family Foundation Inc's revenue has declined by 18.7%, moving from $121K to $99K. Total assets decreased by 87.1% over the same period, from $957K to $124K. Total functional expenses fell by 8.5%, from $111K to $102K. In its most recent filing year (2023), Thomas And Pamela Korn Family Foundation Inc reported a deficit of $3K, with expenses exceeding revenue. The organization holds $1 in liabilities against $124K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $124K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $99K | $102K | $124K | $1 | — | — |
| 2022 | $30K | $100K | $126K | $1 | — | View 990 |
| 2021 | $-55,622 | $100K | $106K | $1 | — | — |
| 2020 | $50K | $101K | $262K | $1 | — | View 990 |
| 2019 | $96 | $877 | $313K | $1 | — | View 990 |
| 2015 | $75K | $112K | $906K | $1 | — | View 990 |
| 2014 | $75K | $113K | $943K | $1 | — | View 990 |
| 2013 | $125K | $114K | $981K | $1 | — | View 990 |
| 2012 | $131K | $118K | $969K | $1 | — | View 990 |
| 2011 | $121K | $111K | $957K | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $99K, expenses of $102K, and assets of $124K (revenue +227.5% year-over-year).
- 2022: Revenue of $30K, expenses of $100K, and assets of $126K.
- 2021: Revenue of $-55,622, expenses of $100K, and assets of $106K (revenue -211.1% year-over-year).
- 2020: Revenue of $50K, expenses of $101K, and assets of $262K (revenue +52070.8% year-over-year).
- 2019: Revenue of $96, expenses of $877, and assets of $313K (revenue -99.9% year-over-year).
- 2015: Revenue of $75K, expenses of $112K, and assets of $906K (revenue -0.1% year-over-year).
- 2014: Revenue of $75K, expenses of $113K, and assets of $943K (revenue -39.9% year-over-year).
- 2013: Revenue of $125K, expenses of $114K, and assets of $981K (revenue -4.2% year-over-year).
- 2012: Revenue of $131K, expenses of $118K, and assets of $969K (revenue +7.9% year-over-year).
- 2011: Revenue of $121K, expenses of $111K, and assets of $957K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Thomas And Pamela Korn Family Foundation Inc:
Data Sources and Methodology
This transparency report for Thomas And Pamela Korn 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.