Thorofare Foundation
Thorofare Foundation maintains stable assets with modest, fluctuating revenues and no executive compensation.
EIN: 113522682 · Bluffton, SC · NTEE: T22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $8K |
| Total Expenses | $17K |
| Program Spending | 80% |
| CEO/Top Officer Pay | $370,000. |
| Net Assets | $376K |
| Transparency Score | 75/100 |
Is Thorofare Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Thorofare Foundation directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Thorofare Foundation
Thorofare Foundation (EIN: 113522682) is a nonprofit organization based in Bluffton, SC, classified under NTEE code T22. The organization reported total revenue of $8K and total assets of $377K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Thorofare Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Thorofare Foundation is a micro nonprofit that has been operating for 26 years, with 9 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -7.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $19K |
| Total Expenses | $17K |
| Surplus / Deficit | +$2K |
| Total Assets | $376K |
| Total Liabilities | $1 |
| Net Assets | $376K |
| Operating Margin | 11.6% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 269.6 months |
Financial Health Grade: A
In 2023, Thorofare Foundation reported a surplus of $2K with revenue exceeding expenses, holds 269.6 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 9 years of filings (2011–2023), Thorofare Foundation's revenue has declined at a compound annual growth rate (CAGR) of -7.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +12.9% | -15.0% | +0.6% |
| 2022 | -2.0% | +5.7% | -0.8% |
| 2021 | +20.4% | +13.2% | -0.4% |
| 2020 | +7.4% | -4.1% | -0.6% |
| 2019 | +662200.0% | +6770.0% | -12.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1200 |
| IRS Ruling Date | 2000 |
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 Thorofare Foundation with a Mission Score of 75 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: 20%
- programs: 80%
- fundraising: 0%
According to IRS 990 filings, Thorofare Foundation allocates its expenses as follows: admin: 20%, programs: 80%, fundraising: 0%. 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 surplus of $2K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
The Thorofare Foundation consistently reports 0% officer compensation across all available filings, indicating that no salaries or other compensation are paid to its officers, which is highly favorable for a small foundation with assets around $370,000.
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 Thorofare Foundation's IRS 990 filings:
- Inconsistent revenue streams, with some years showing extremely low income (e.g., $2 in 2013 and 2014).
- Expenses occasionally exceed revenue (e.g., 2022: $19,707 expenses vs. $16,773 revenue), indicating reliance on asset drawdowns.
- Lack of detailed expense breakdown in summary data makes full spending efficiency assessment difficult.
Strengths
The following positive indicators were identified for Thorofare Foundation:
- Consistent reporting of 0% officer compensation, indicating efficient use of funds for operations or programs.
- Stable asset base (around $370,000-$430,000) over a decade, suggesting financial resilience.
- Minimal liabilities ($1 consistently), indicating sound financial management.
- Long history of IRS 990 filings (9 filings), demonstrating transparency and compliance.
Frequently Asked Questions about Thorofare Foundation
Is Thorofare Foundation a legitimate charity?
Based on AI analysis of IRS 990 filings, Thorofare Foundation (EIN: 113522682) some concerns. Mission Score: 75/100. 3 red flags identified, 4 strengths noted.
How does Thorofare Foundation spend its money?
Thorofare Foundation directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Thorofare Foundation tax-deductible?
Thorofare Foundation is registered as a tax-exempt nonprofit (EIN: 113522682). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Thorofare Foundation CEO make?
Thorofare Foundation's highest-compensated officer earns $370,000. annually. The organization reported $8K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
How does Thorofare Foundation compare to similar nonprofits?
With a transparency score of 75/100 (Good), Thorofare Foundation is above average for NTEE category T22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Thorofare Foundation located?
Thorofare Foundation is headquartered in Bluffton, South Carolina and files with the IRS under EIN 113522682. It is classified under NTEE code T22.
How many years of IRS 990 filings does Thorofare Foundation have?
Thorofare Foundation has 9 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 $8K in total revenue.
What are the specific programmatic activities or grants made by Thorofare Foundation?
The provided IRS 990 summary data does not detail specific programmatic activities or grants. Further investigation of the full 990 forms would be required to understand its grant-making focus.
How does Thorofare Foundation generate its revenue, given its low and fluctuating amounts?
The summary data indicates revenue sources vary, with some years showing minimal income (e.g., $2 in 2013 and 2014) and others higher (e.g., $50,720 in 2011, $18,939 in 2023). This suggests a mix of investment income, small contributions, or periodic larger donations, which is common for private foundations.
Why did the foundation's assets decrease from $437,269 in 2011 to $376,282 in 2023?
The decrease in assets over this period, despite some years of revenue exceeding expenses, could be due to investment losses, significant grant disbursements in earlier years not fully offset by subsequent income, or a combination of factors. For example, in 2022, expenses ($19,707) exceeded revenue ($16,773), drawing down assets.
Filing History
IRS 990 filing history for Thorofare Foundation showing financial trends over 9 years of public records:
Over 9 years of IRS 990 filings (2011–2023), Thorofare Foundation's revenue has declined by 62.7%, moving from $51K to $19K. Total assets decreased by 13.9% over the same period, from $437K to $376K. In its most recent filing year (2023), Thorofare Foundation reported a surplus of $2K, with revenue exceeding expenses. The organization holds $1 in liabilities against $376K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $376K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $19K | $17K | $376K | $1 | — | — |
| 2022 | $17K | $20K | $374K | $1 | — | View 990 |
| 2021 | $17K | $19K | $377K | $1 | — | — |
| 2020 | $14K | $16K | $379K | $1 | — | — |
| 2019 | $13K | $17K | $381K | $1 | — | View 990 |
| 2014 | $2 | $250 | $436K | $0 | — | View 990 |
| 2013 | $2 | $450 | $436K | $1 | — | View 990 |
| 2012 | $6 | $1K | $436K | $1 | — | View 990 |
| 2011 | $51K | $0 | $437K | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $19K, expenses of $17K, and assets of $376K (revenue +12.9% year-over-year).
- 2022: Revenue of $17K, expenses of $20K, and assets of $374K (revenue -2.0% year-over-year).
- 2021: Revenue of $17K, expenses of $19K, and assets of $377K (revenue +20.4% year-over-year).
- 2020: Revenue of $14K, expenses of $16K, and assets of $379K (revenue +7.4% year-over-year).
- 2019: Revenue of $13K, expenses of $17K, and assets of $381K (revenue +662200.0% year-over-year).
- 2014: Revenue of $2, expenses of $250, and assets of $436K (revenue +0.0% year-over-year).
- 2013: Revenue of $2, expenses of $450, and assets of $436K (revenue -66.7% year-over-year).
- 2012: Revenue of $6, expenses of $1K, and assets of $436K (revenue -100.0% year-over-year).
- 2011: Revenue of $51K, expenses of $0, and assets of $437K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Thorofare Foundation:
Data Sources and Methodology
This transparency report for Thorofare 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.