Wheaton Foundation
Wheaton Foundation experiences recurring deficits despite significant revenue growth, reports no officer compensation.
EIN: 203040364 · Jackson, MS · NTEE: T23 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $2.3M |
| Total Expenses | $2.2M |
| Program Spending | 85% |
| Net Assets | $279K |
| Transparency Score | 75/100 |
Is Wheaton Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Wheaton Foundation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Wheaton Foundation
Wheaton Foundation (EIN: 203040364) is a nonprofit organization based in Jackson, MS, classified under NTEE code T23. The organization reported total revenue of $2.3M and total assets of $154K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Wheaton Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Wheaton Foundation is a mid-size nonprofit that has been operating for 21 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 35.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.1M |
| Total Expenses | $2.2M |
| Surplus / Deficit | $-33,093 |
| Total Assets | $280K |
| Total Liabilities | $681 |
| Net Assets | $279K |
| Operating Margin | -1.5% |
| Debt-to-Asset Ratio | 0.2% |
| Months of Reserves | 1.5 months |
Financial Health Grade: C
In 2023, Wheaton Foundation reported a deficit of $33K with expenses exceeding revenue, holds 1.5 months of operating reserves (limited), has a debt-to-asset ratio of 0.2% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Wheaton Foundation's revenue has grown at a compound annual growth rate (CAGR) of 35.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +44.3% | +34.4% | -10.4% |
| 2022 | -4.1% | +22.3% | -30.0% |
| 2021 | -41.2% | -49.6% | +101.6% |
| 2020 | +35.5% | +21.6% | +2.9% |
| 2019 | +42.3% | +63.3% | +31.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2005 |
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 Wheaton 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: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Wheaton Foundation 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 $33K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.2%.
Executive Compensation Analysis
The Wheaton Foundation consistently reports 0% officer compensation across all available filings, indicating that no funds are allocated to executive salaries. This is a strong positive for an organization of its size, suggesting a high dedication to mission over executive pay.
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 Wheaton Foundation's IRS 990 filings:
- Recurring operating deficits: Expenses exceeded revenue in 2023 ($2,179,452 vs $2,146,359), 2022 ($1,621,732 vs $1,487,623), and 2019 ($2,165,761 vs $1,948,493).
- Declining asset base: Assets decreased from $446,196 in 2021 to $279,618 in 2023, and are currently $153,852, which is low relative to annual expenses.
- Lack of detailed expense breakdown: The provided data does not allow for a precise calculation of program, administrative, and fundraising spending ratios, limiting a full efficiency assessment.
Strengths
The following positive indicators were identified for Wheaton Foundation:
- Consistent 0% officer compensation: No executive compensation reported across all filings, indicating strong dedication to mission.
- Significant revenue growth: Revenue increased substantially from $55,505 in 2011 to over $2.1 million in 2023, demonstrating growing support.
- Long history of IRS 990 filings: Ten years of consistent filings indicate transparency and compliance.
Frequently Asked Questions about Wheaton Foundation
Is Wheaton Foundation a legitimate charity?
Wheaton Foundation (EIN: 203040364) is a registered tax-exempt nonprofit based in Mississippi. Our AI analysis gives it a Mission Score of 75/100. It has 10 years of IRS 990 filings on record. Total revenue: $2.3M. 3 red flags identified. 3 strengths noted. Financial health grade: C.
How does Wheaton Foundation spend its money?
Wheaton Foundation directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Wheaton Foundation tax-deductible?
Wheaton Foundation is registered as a tax-exempt nonprofit (EIN: 203040364). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Wheaton Foundation's spending goes to programs?
Wheaton Foundation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Wheaton Foundation compare to similar nonprofits?
With a transparency score of 75/100 (Good), Wheaton Foundation is above average for NTEE category T23 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Wheaton Foundation located?
Wheaton Foundation is headquartered in Jackson, Mississippi and files with the IRS under EIN 203040364. It is classified under NTEE code T23.
How many years of IRS 990 filings does Wheaton Foundation have?
Wheaton Foundation 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 $2.3M in total revenue.
Is Wheaton Foundation financially sustainable given its recurring deficits?
The Wheaton Foundation has reported expenses exceeding revenue in multiple recent years (e.g., 2023, 2022, 2019). While this doesn't immediately indicate insolvency, it suggests a potential reliance on reserves or other funding not captured in annual revenue, which could impact long-term sustainability if not managed effectively.
How does Wheaton Foundation manage to operate without officer compensation?
The consistent reporting of 0% officer compensation across all filings suggests that executive leadership may be entirely volunteer-based, compensated through other means not classified as officer compensation, or that the organization's structure does not include paid officers in the traditional sense. This is a significant positive for donor confidence.
What caused the significant decrease in assets from 2021 to 2023?
The organization's assets decreased from $446,196 in 2021 to $279,618 in 2023. This decline, coupled with operating deficits in 2022 and 2023, suggests that the organization may have drawn down its reserves to cover operational expenses or made significant asset-based expenditures.
Filing History
IRS 990 filing history for Wheaton Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Wheaton Foundation's revenue has grown by 3767%, moving from $56K to $2.1M. Total assets increased by 248.5% over the same period, from $80K to $280K. Total functional expenses rose by 11914.6%, from $18K to $2.2M. In its most recent filing year (2023), Wheaton Foundation reported a deficit of $33K, with expenses exceeding revenue. The organization holds $681 in liabilities against $280K in assets (debt-to-asset ratio: 0.2%), resulting in net assets of $279K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.1M | $2.2M | $280K | $681 | — | — |
| 2022 | $1.5M | $1.6M | $312K | $114 | — | View 990 |
| 2021 | $1.6M | $1.3M | $446K | $57 | — | View 990 |
| 2020 | $2.6M | $2.6M | $221K | $57 | — | — |
| 2019 | $1.9M | $2.2M | $215K | $0 | — | View 990 |
| 2015 | $1.4M | $1.3M | $163K | $0 | — | View 990 |
| 2014 | $65K | $78K | $120K | $0 | — | View 990 |
| 2013 | $105K | $106K | $133K | $0 | — | View 990 |
| 2012 | $96K | $43K | $137K | $3K | — | View 990 |
| 2011 | $56K | $18K | $80K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.1M, expenses of $2.2M, and assets of $280K (revenue +44.3% year-over-year).
- 2022: Revenue of $1.5M, expenses of $1.6M, and assets of $312K (revenue -4.1% year-over-year).
- 2021: Revenue of $1.6M, expenses of $1.3M, and assets of $446K (revenue -41.2% year-over-year).
- 2020: Revenue of $2.6M, expenses of $2.6M, and assets of $221K (revenue +35.5% year-over-year).
- 2019: Revenue of $1.9M, expenses of $2.2M, and assets of $215K (revenue +42.3% year-over-year).
- 2015: Revenue of $1.4M, expenses of $1.3M, and assets of $163K (revenue +2003.0% year-over-year).
- 2014: Revenue of $65K, expenses of $78K, and assets of $120K (revenue -37.9% year-over-year).
- 2013: Revenue of $105K, expenses of $106K, and assets of $133K (revenue +9.1% year-over-year).
- 2012: Revenue of $96K, expenses of $43K, and assets of $137K (revenue +73.3% year-over-year).
- 2011: Revenue of $56K, expenses of $18K, and assets of $80K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Wheaton Foundation:
Data Sources and Methodology
This transparency report for Wheaton 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.