Thomas College
Thomas College maintains stable finances with consistent asset growth despite occasional operational deficits.
EIN: 10263385 · Waterville, ME · NTEE: B420 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $54.9M |
| Total Expenses | $35.2M |
| Program Spending | 80% |
| Net Assets | $67.0M |
| Transparency Score | 85/100 |
Is Thomas College Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Thomas College directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Thomas College
Thomas College (EIN: 10263385) is a nonprofit organization based in Waterville, ME, classified under NTEE code B420. The organization reported total revenue of $54.9M and total assets of $86.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Thomas College's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Thomas College is a major nonprofit that has been operating for 66 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $34.7M |
| Total Expenses | $35.2M |
| Surplus / Deficit | $-493,887 |
| Total Assets | $85.3M |
| Total Liabilities | $18.4M |
| Net Assets | $67.0M |
| Operating Margin | -1.4% |
| Debt-to-Asset Ratio | 21.5% |
| Months of Reserves | 29.1 months |
Financial Health Grade: B
In 2023, Thomas College reported a deficit of $494K with expenses exceeding revenue, holds 29.1 months of operating reserves (strong position), has a debt-to-asset ratio of 21.5% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Thomas College's revenue has grown at a compound annual growth rate (CAGR) of 3.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +11.9% | +13.5% | +1.8% |
| 2022 | -19.9% | -8.9% | -1.5% |
| 2021 | +19.8% | +14.8% | +10.1% |
| 2020 | -2.9% | -1.7% | +2.8% |
| 2019 | -0.8% | +1.8% | +4.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1960 |
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 College 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Thomas College allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $494K, with expenses exceeding revenue.
- Debt-to-asset ratio: 21.5%.
Executive Compensation Analysis
The IRS 990 filings consistently report 0% for officer compensation across all available periods, which is unusual for an organization of this size and revenue. This suggests that executive compensation may be categorized under other expense lines or reported differently, requiring further scrutiny for a complete understanding of remuneration practices.
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 College's IRS 990 filings:
- Unclear executive compensation reporting (0% officer comp consistently reported)
Strengths
The following positive indicators were identified for Thomas College:
- Consistent asset growth over the past decade (from $65.2M in 2014 to $85.3M in 2023)
- Generally stable financial operations with several years of operational surpluses
- Strong program focus inherent to its mission as an educational institution
- Manageable liabilities relative to assets ($18.3M liabilities vs. $85.3M assets in 2023)
Frequently Asked Questions about Thomas College
Is Thomas College a legitimate charity?
Based on AI analysis of IRS 990 filings, Thomas College (EIN: 10263385) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Thomas College spend its money?
Thomas College directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Thomas College tax-deductible?
Thomas College is registered as a tax-exempt nonprofit (EIN: 10263385). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Thomas College's spending goes to programs?
Thomas College directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Thomas College compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Thomas College is above average for NTEE category B420 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Thomas College located?
Thomas College is headquartered in Waterville, Maine and files with the IRS under EIN 10263385. It is classified under NTEE code B420.
How many years of IRS 990 filings does Thomas College have?
Thomas College has 13 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 $54.9M in total revenue.
How is executive compensation structured if 'Officer Comp' is consistently reported as 0%?
The consistent reporting of 0% for officer compensation across all available IRS 990 filings for Thomas College is highly unusual for an institution of its size. This suggests that compensation for key executives might be reported under different expense categories (e.g., salaries and wages for employees, or as part of program expenses) or that the specific individuals considered 'officers' for 990 purposes do not receive compensation directly reported in this line item. Further investigation into the detailed expense breakdowns in the full 990 forms would be necessary to understand how executive compensation is handled.
What caused the operational deficit in the 2023 fiscal year?
In the fiscal year ending June 2023, Thomas College reported expenses of $35,230,449 against revenues of $34,736,562, resulting in a slight operational deficit. Without access to the detailed expense categories, it's difficult to pinpoint the exact cause. It could be due to increased operational costs, investments in new programs or facilities, or a temporary dip in revenue streams such as tuition or donations. This deficit is relatively small compared to the overall budget and follows several years of surpluses.
What is the primary source of Thomas College's revenue?
As an educational institution (NTEE Code B420), the primary sources of revenue for Thomas College are typically tuition and fees, government grants, contributions, and investment income. While the provided data only gives total revenue, the consistent and substantial revenue figures suggest a diversified income stream, with tuition and fees likely forming a significant portion.
Filing History
IRS 990 filing history for Thomas College showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Thomas College's revenue has grown by 58.9%, moving from $21.9M to $34.7M. Total assets increased by 95.2% over the same period, from $43.7M to $85.3M. Total functional expenses rose by 89.1%, from $18.6M to $35.2M. In its most recent filing year (2023), Thomas College reported a deficit of $494K, with expenses exceeding revenue. The organization holds $18.4M in liabilities against $85.3M in assets (debt-to-asset ratio: 21.5%), resulting in net assets of $67.0M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $34.7M | $35.2M | $85.3M | $18.4M | — | — |
| 2022 | $31.1M | $31.0M | $83.8M | $17.7M | — | View 990 |
| 2021 | $38.7M | $34.1M | $85.1M | $15.7M | — | View 990 |
| 2020 | $32.3M | $29.7M | $77.3M | $16.7M | — | — |
| 2019 | $33.3M | $30.2M | $75.2M | $17.2M | — | View 990 |
| 2018 | $33.6M | $29.6M | $72.3M | $17.6M | — | View 990 |
| 2017 | $32.5M | $30.5M | $68.7M | $18.8M | — | View 990 |
| 2016 | $29.1M | $28.8M | $67.2M | $20.2M | — | View 990 |
| 2015 | $28.9M | $25.7M | $68.4M | $20.4M | — | View 990 |
| 2014 | $28.4M | $24.9M | $65.3M | $19.5M | — | View 990 |
| 2013 | $26.4M | $22.9M | $53.6M | $12.7M | — | View 990 |
| 2012 | $23.5M | $21.6M | $51.1M | $14.3M | — | View 990 |
| 2011 | $21.9M | $18.6M | $43.7M | $8.7M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $34.7M, expenses of $35.2M, and assets of $85.3M (revenue +11.9% year-over-year).
- 2022: Revenue of $31.1M, expenses of $31.0M, and assets of $83.8M (revenue -19.9% year-over-year).
- 2021: Revenue of $38.7M, expenses of $34.1M, and assets of $85.1M (revenue +19.8% year-over-year).
- 2020: Revenue of $32.3M, expenses of $29.7M, and assets of $77.3M (revenue -2.9% year-over-year).
- 2019: Revenue of $33.3M, expenses of $30.2M, and assets of $75.2M (revenue -0.8% year-over-year).
- 2018: Revenue of $33.6M, expenses of $29.6M, and assets of $72.3M (revenue +3.4% year-over-year).
- 2017: Revenue of $32.5M, expenses of $30.5M, and assets of $68.7M (revenue +11.6% year-over-year).
- 2016: Revenue of $29.1M, expenses of $28.8M, and assets of $67.2M (revenue +0.8% year-over-year).
- 2015: Revenue of $28.9M, expenses of $25.7M, and assets of $68.4M (revenue +1.7% year-over-year).
- 2014: Revenue of $28.4M, expenses of $24.9M, and assets of $65.3M (revenue +7.7% year-over-year).
- 2013: Revenue of $26.4M, expenses of $22.9M, and assets of $53.6M (revenue +12.1% year-over-year).
- 2012: Revenue of $23.5M, expenses of $21.6M, and assets of $51.1M (revenue +7.5% year-over-year).
- 2011: Revenue of $21.9M, expenses of $18.6M, and assets of $43.7M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Thomas College:
Data Sources and Methodology
This transparency report for Thomas College 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.