Waterfall Arts
Waterfall Arts shows strong asset growth over a decade, with no reported officer compensation, despite a recent minor operating deficit.
EIN: 10528831 · Belfast, ME · NTEE: A25 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $585K |
| Total Expenses | $636K |
| Program Spending | 85% |
| Net Assets | $1.3M |
| Transparency Score | 88/100 |
Is Waterfall Arts Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Waterfall Arts directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Waterfall Arts
Waterfall Arts (EIN: 10528831) is a nonprofit organization based in Belfast, ME, classified under NTEE code A25. The organization reported total revenue of $585K and total assets of $1.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Waterfall Arts's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Waterfall Arts is a small nonprofit that has been operating for 23 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 8.0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $611K |
| Total Expenses | $636K |
| Surplus / Deficit | $-24,603 |
| Total Assets | $1.9M |
| Total Liabilities | $550K |
| Net Assets | $1.3M |
| Operating Margin | -4.0% |
| Debt-to-Asset Ratio | 29.5% |
| Months of Reserves | 35.2 months |
Financial Health Grade: B
In 2023, Waterfall Arts reported a deficit of $25K with expenses exceeding revenue, holds 35.2 months of operating reserves (strong position), has a debt-to-asset ratio of 29.5% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Waterfall Arts's revenue has grown at a compound annual growth rate (CAGR) of 8.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -28.4% | +8.6% | -3.8% |
| 2022 | +3.1% | +3.7% | +8.4% |
| 2021 | +24.7% | +12.2% | +55.5% |
| 2020 | -3.8% | -1.4% | +45.5% |
| 2019 | +17.1% | +7.5% | +9.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 2003 |
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 Waterfall Arts with a Mission Score of 88 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: 85%
- fundraising: 5%
According to IRS 990 filings, Waterfall Arts 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 $25K, with expenses exceeding revenue.
- Debt-to-asset ratio: 29.5%.
Executive Compensation Analysis
Waterfall Arts reports 0% officer compensation across all available filings, indicating that its top leadership either serves on a volunteer basis or is compensated through other means not classified as officer compensation, which is a positive sign for directing funds to programs.
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 Waterfall Arts's IRS 990 filings:
- Expenses exceeded revenue in the most recent filing (202312), resulting in a net operating deficit for that period.
Strengths
The following positive indicators were identified for Waterfall Arts:
- Consistent reporting of 0% officer compensation across all filings, indicating efficient use of funds.
- Significant growth in assets over the past decade, from $504,487 in 2014 to $1,863,067 in 2023.
- Long history of IRS 990 filings (13 periods), demonstrating strong transparency and accountability.
- Strong revenue generation in prior years (e.g., $853,420 in 202212 and $827,974 in 202112) allowed for asset accumulation.
Frequently Asked Questions about Waterfall Arts
Is Waterfall Arts a legitimate charity?
Based on AI analysis of IRS 990 filings, Waterfall Arts (EIN: 10528831) some concerns. Mission Score: 88/100. 1 red flag identified, 4 strengths noted.
How does Waterfall Arts spend its money?
Waterfall Arts directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Waterfall Arts tax-deductible?
Waterfall Arts is registered as a tax-exempt nonprofit (EIN: 10528831). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Waterfall Arts's spending goes to programs?
Waterfall Arts directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Waterfall Arts compare to similar nonprofits?
With a transparency score of 88/100 (Excellent), Waterfall Arts is above average for NTEE category A25 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Waterfall Arts located?
Waterfall Arts is headquartered in Belfast, Maine and files with the IRS under EIN 10528831. It is classified under NTEE code A25.
How many years of IRS 990 filings does Waterfall Arts have?
Waterfall Arts 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 $585K in total revenue.
Is Waterfall Arts financially stable?
Yes, despite a slight operating deficit in 2023 ($635,892 expenses vs. $611,289 revenue), the organization has demonstrated strong financial stability over the long term, with assets growing from $504,487 in 2014 to $1,863,067 in 2023.
How has Waterfall Arts' asset base changed over time?
Waterfall Arts has significantly grown its assets, from $504,487 in 2014 to $1,863,067 in 2023, representing a substantial increase over the decade.
Does Waterfall Arts pay its officers?
No, the IRS 990 filings consistently report 0% officer compensation across all available periods, indicating that officers are not compensated through traditional salaries.
What was the trend in revenue and expenses for Waterfall Arts?
Revenue has generally increased over the decade, from $286,570 in 2014 to $611,289 in 2023, with some fluctuations. Expenses have also risen, from $313,992 in 2014 to $635,892 in 2023, with the most recent year showing expenses slightly exceeding revenue.
Filing History
IRS 990 filing history for Waterfall Arts showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Waterfall Arts's revenue has grown by 150.6%, moving from $244K to $611K. Total assets increased by 390.7% over the same period, from $380K to $1.9M. Total functional expenses rose by 185.9%, from $222K to $636K. In its most recent filing year (2023), Waterfall Arts reported a deficit of $25K, with expenses exceeding revenue. The organization holds $550K in liabilities against $1.9M in assets (debt-to-asset ratio: 29.5%), resulting in net assets of $1.3M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $611K | $636K | $1.9M | $550K | — | — |
| 2022 | $853K | $585K | $1.9M | $598K | — | — |
| 2021 | $828K | $564K | $1.8M | $716K | — | View 990 |
| 2020 | $664K | $503K | $1.1M | $342K | — | View 990 |
| 2019 | $690K | $510K | $789K | $144K | — | View 990 |
| 2018 | $590K | $474K | $721K | $256K | — | View 990 |
| 2017 | $581K | $480K | $670K | $264K | — | View 990 |
| 2016 | $400K | $373K | $610K | $305K | — | View 990 |
| 2015 | $387K | $342K | $602K | $324K | — | View 990 |
| 2014 | $287K | $314K | $504K | $268K | — | View 990 |
| 2013 | $325K | $311K | $408K | $143K | — | View 990 |
| 2012 | $365K | $341K | $401K | $156K | — | View 990 |
| 2011 | $244K | $222K | $380K | $158K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $611K, expenses of $636K, and assets of $1.9M (revenue -28.4% year-over-year).
- 2022: Revenue of $853K, expenses of $585K, and assets of $1.9M (revenue +3.1% year-over-year).
- 2021: Revenue of $828K, expenses of $564K, and assets of $1.8M (revenue +24.7% year-over-year).
- 2020: Revenue of $664K, expenses of $503K, and assets of $1.1M (revenue -3.8% year-over-year).
- 2019: Revenue of $690K, expenses of $510K, and assets of $789K (revenue +17.1% year-over-year).
- 2018: Revenue of $590K, expenses of $474K, and assets of $721K (revenue +1.5% year-over-year).
- 2017: Revenue of $581K, expenses of $480K, and assets of $670K (revenue +45.4% year-over-year).
- 2016: Revenue of $400K, expenses of $373K, and assets of $610K (revenue +3.4% year-over-year).
- 2015: Revenue of $387K, expenses of $342K, and assets of $602K (revenue +34.9% year-over-year).
- 2014: Revenue of $287K, expenses of $314K, and assets of $504K (revenue -11.8% year-over-year).
- 2013: Revenue of $325K, expenses of $311K, and assets of $408K (revenue -11.0% year-over-year).
- 2012: Revenue of $365K, expenses of $341K, and assets of $401K (revenue +49.7% year-over-year).
- 2011: Revenue of $244K, expenses of $222K, and assets of $380K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Waterfall Arts:
Data Sources and Methodology
This transparency report for Waterfall Arts 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.