Truman And Lorraine Julseth Scholarship Fund
Truman And Lorraine Julseth Scholarship Fund maintains substantial assets despite volatile revenue and consistent deficit spending.
EIN: 205124220 · Northwood, IA · NTEE: T20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $8K |
| Total Expenses | $9K |
| Program Spending | 85% |
| Net Assets | $4K |
| Transparency Score | 75/100 |
Is Truman And Lorraine Julseth Scholarship Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Truman And Lorraine Julseth Scholarship Fund directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Truman And Lorraine Julseth Scholarship Fund
Truman And Lorraine Julseth Scholarship Fund (EIN: 205124220) is a nonprofit organization based in Northwood, IA, classified under NTEE code T20. The organization reported total revenue of $8K and total assets of $149K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Truman And Lorraine Julseth Scholarship Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Truman And Lorraine Julseth Scholarship Fund 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 11.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $6K |
| Total Expenses | $9K |
| Surplus / Deficit | $-3,014 |
| Total Assets | $4K |
| Total Liabilities | $1 |
| Net Assets | $4K |
| Operating Margin | -50.5% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 5.7 months |
Financial Health Grade: B
In 2023, Truman And Lorraine Julseth Scholarship Fund reported a deficit of $3K with expenses exceeding revenue, holds 5.7 months of operating reserves (adequate), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Truman And Lorraine Julseth Scholarship Fund's revenue has grown at a compound annual growth rate (CAGR) of 11.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2022 | -110.0% | +45.5% | -16.9% |
| 2021 | +387.5% | -19.0% | -0.2% |
| 2020 | +13.3% | +57.1% | +7.6% |
| 2019 | +568.2% | +33.6% | +6.3% |
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 Truman And Lorraine Julseth Scholarship Fund 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: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Truman And Lorraine Julseth Scholarship Fund allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% 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
Executive compensation is consistently reported as 0% across all available filings, indicating that the organization's leadership is entirely volunteer-based, which is highly commendable for a nonprofit of this 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 Truman And Lorraine Julseth Scholarship Fund's IRS 990 filings:
- Significant asset fluctuation in 2023 (from $156,763 to $4,296) without clear explanation in summary data.
- Consistent deficit spending in multiple years (e.g., 2023 expenses $8,987 vs. revenue $5,973; 2022 expenses $10,031 vs. negative revenue $-3,704).
- Unusual consistent reporting of $1 in liabilities across all filing periods.
Strengths
The following positive indicators were identified for Truman And Lorraine Julseth Scholarship Fund:
- Zero officer compensation across all filings, indicating volunteer leadership.
- Consistent history of IRS 990 filings, demonstrating transparency.
- Maintained a substantial asset base for many years, supporting its long-term mission (prior to 2023 asset drop).
Frequently Asked Questions about Truman And Lorraine Julseth Scholarship Fund
Is Truman And Lorraine Julseth Scholarship Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, Truman And Lorraine Julseth Scholarship Fund (EIN: 205124220) some concerns. Mission Score: 75/100. 3 red flags identified, 3 strengths noted.
How does Truman And Lorraine Julseth Scholarship Fund spend its money?
Truman And Lorraine Julseth Scholarship Fund directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Truman And Lorraine Julseth Scholarship Fund tax-deductible?
Truman And Lorraine Julseth Scholarship Fund is registered as a tax-exempt nonprofit (EIN: 205124220). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Truman And Lorraine Julseth Scholarship Fund's spending goes to programs?
Truman And Lorraine Julseth Scholarship Fund directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Truman And Lorraine Julseth Scholarship Fund compare to similar nonprofits?
With a transparency score of 75/100 (Good), Truman And Lorraine Julseth Scholarship Fund 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 Truman And Lorraine Julseth Scholarship Fund located?
Truman And Lorraine Julseth Scholarship Fund is headquartered in Northwood, Iowa and files with the IRS under EIN 205124220. It is classified under NTEE code T20.
How many years of IRS 990 filings does Truman And Lorraine Julseth Scholarship Fund have?
Truman And Lorraine Julseth Scholarship Fund 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 $8K in total revenue.
Is the Truman And Lorraine Julseth Scholarship Fund a good charity?
Based on the available data, the fund appears to be a legitimate scholarship provider with a volunteer leadership and a history of providing scholarships. Its consistent asset base (though with a significant drop in 2023) and zero officer compensation are positive indicators. However, the consistent deficit spending and the unusual $1 liability figure across filings warrant further inquiry for a complete assessment.
Why did the assets drop so significantly in 2023?
The assets decreased from $156,763 in 2022 to $4,296 in 2023. This represents a substantial reduction that is not fully explained by the reported revenue and expenses for that year. It could indicate a large scholarship disbursement, a reclassification of funds, or an investment loss, and would require further investigation into the detailed financial statements.
What is the nature of the consistent $1 liability?
The consistent reporting of $1 in liabilities across all ten filings is highly unusual for any organization. While not financially significant, it suggests either a placeholder, a minor recurring obligation, or an accounting anomaly that could benefit from clarification for full transparency.
Filing History
IRS 990 filing history for Truman And Lorraine Julseth Scholarship Fund showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Truman And Lorraine Julseth Scholarship Fund's revenue has grown by 259.8%, moving from $2K to $6K. Total assets decreased by 97.8% over the same period, from $195K to $4K. Total functional expenses rose by 44.4%, from $6K to $9K. In its most recent filing year (2023), Truman And Lorraine Julseth Scholarship Fund reported a deficit of $3K, with expenses exceeding revenue. The organization holds $1 in liabilities against $4K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $4K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $6K | $9K | $4K | $1 | — | — |
| 2022 | $-3,704 | $10K | $157K | $1 | — | View 990 |
| 2021 | $37K | $7K | $189K | $1 | — | — |
| 2020 | $8K | $9K | $189K | $1 | — | — |
| 2019 | $7K | $5K | $176K | $1 | — | View 990 |
| 2015 | $1K | $4K | $165K | $1 | — | View 990 |
| 2014 | $1K | $9K | $171K | $1 | — | View 990 |
| 2013 | $1K | $13K | $179K | $1 | — | View 990 |
| 2012 | $1K | $6K | $190K | $1 | — | View 990 |
| 2011 | $2K | $6K | $195K | $1 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $6K, expenses of $9K, and assets of $4K.
- 2022: Revenue of $-3,704, expenses of $10K, and assets of $157K (revenue -110.0% year-over-year).
- 2021: Revenue of $37K, expenses of $7K, and assets of $189K (revenue +387.5% year-over-year).
- 2020: Revenue of $8K, expenses of $9K, and assets of $189K (revenue +13.3% year-over-year).
- 2019: Revenue of $7K, expenses of $5K, and assets of $176K (revenue +568.2% year-over-year).
- 2015: Revenue of $1K, expenses of $4K, and assets of $165K (revenue -5.6% year-over-year).
- 2014: Revenue of $1K, expenses of $9K, and assets of $171K (revenue -11.4% year-over-year).
- 2013: Revenue of $1K, expenses of $13K, and assets of $179K (revenue -17.0% year-over-year).
- 2012: Revenue of $1K, expenses of $6K, and assets of $190K (revenue -12.8% year-over-year).
- 2011: Revenue of $2K, expenses of $6K, and assets of $195K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Truman And Lorraine Julseth Scholarship Fund:
Data Sources and Methodology
This transparency report for Truman And Lorraine Julseth Scholarship Fund 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.