Whelan Family Scholarship Fund

Whelan Family Scholarship Fund operates with minimal revenue and expenses, relying on asset base for consistent scholarship disbursements.

EIN: 203207724 · Freeport, ME · NTEE: B82 · Updated: 2026-03-28

$2KRevenue

$68KAssets

85/100Mission Score (Excellent)

B82

About Whelan Family Scholarship Fund

Whelan Family Scholarship Fund (EIN: 203207724) is a nonprofit organization based in Freeport, ME, classified under NTEE code B82. The organization reported total revenue of $2K and total assets of $68K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Whelan Family Scholarship Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Whelan Family Scholarship Fund appears to be a very small, family-run scholarship fund with minimal financial activity. Its revenue has been highly inconsistent, ranging from $44 in 2020 to $55,680 in 2022. Expenses are generally low, often around $1,000-$1,500 annually, though they spiked to $3,238 in 2023. The organization consistently reports zero officer compensation, indicating a volunteer-driven model. Given its small scale and specific mission, its financial health is stable in terms of assets ($67,646 latest, with a peak of $73,404 in 2022) relative to its operational size, though it frequently spends more than it brings in during a given year, drawing down its asset base, as seen in 2023 where expenses of $3,238 exceeded revenue of $1,030. Transparency is high due to consistent 990 filings and no reported liabilities or officer compensation, which simplifies financial analysis.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Whelan Family Scholarship Fund 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: 10%
programs: 90%
fundraising: 0%

According to IRS 990 filings, Whelan Family Scholarship Fund allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

The organization consistently reports 0% officer compensation across all filings, indicating that its leadership is entirely volunteer-based and receives no salary from the fund, which is appropriate for an organization of this size and mission.

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 Whelan Family Scholarship Fund's IRS 990 filings:

Inconsistent annual revenue, making financial planning potentially challenging.
Frequent annual deficits where expenses exceed revenue, leading to reliance on asset drawdowns (e.g., 2023: Revenue $1,030, Expenses $3,238).

Strengths

The following positive indicators were identified for Whelan Family Scholarship Fund:

100% volunteer leadership with 0% officer compensation reported across all filings.
Consistent 990 filings demonstrating transparency.
Maintains a stable asset base ($67,646 latest) relative to its operational size, ensuring continuity of its mission.
Low administrative overhead, with most expenses likely directed to program services.

Frequently Asked Questions about Whelan Family Scholarship Fund

Is Whelan Family Scholarship Fund a good charity?

Based on the available data, the Whelan Family Scholarship Fund appears to be a well-intentioned and efficient small charity. It consistently reports 0% officer compensation, indicating a volunteer-run operation, and its expenses are primarily directed towards its program (scholarships). While revenue fluctuates, it maintains a healthy asset base to support its mission.

How does the organization fund its scholarships given fluctuating revenue?

The organization appears to fund its scholarships by drawing from its accumulated assets. For example, in 2023, revenue was $1,030 while expenses were $3,238, indicating that the difference was covered by its asset base, which decreased from $73,404 in 2022 to $71,196 in 2023.

What is the typical annual spending on scholarships?

While specific program spending isn't detailed, the total expenses are generally low, often around $1,000-$1,500 annually in most years, with a peak of $3,238 in 2023. Given the NTEE code (B82 - Scholarship & Student Aid) and zero officer compensation, it's highly probable that the vast majority of these expenses are direct scholarship disbursements.

Filing History

IRS 990 filing history for Whelan Family Scholarship Fund showing financial trends over 10 years of public records:

Over 10 years of IRS 990 filings (2011–2023), Whelan Family Scholarship Fund's revenue has grown by 63.5%, moving from $630 to $1K. Total assets increased by 259.9% over the same period, from $20K to $71K. Total functional expenses rose by 218.7%, from $1K to $3K. In its most recent filing year (2023), Whelan Family Scholarship Fund reported a deficit of $2K, with expenses exceeding revenue. The organization holds $1 in liabilities against $71K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $71K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$1K	$3K	$71K	$1	—	—
2022	$56K	$1K	$73K	$1	—	View 990
2021	$3K	$504	$19K	$1	—	View 990
2020	$44	$500	$16K	$1	—	—
2019	$47	$1K	$17K	$0	—	View 990
2015	$526	$2K	$21K	$0	—	View 990
2014	$1K	$1K	$22K	$0	—	View 990
2013	$3K	$1K	$22K	$0	—	View 990
2012	$1K	$1K	$20K	$0	—	View 990
2011	$630	$1K	$20K	$0	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $1K, expenses of $3K, and assets of $71K (revenue -98.2% year-over-year).
2022: Revenue of $56K, expenses of $1K, and assets of $73K (revenue +1896.4% year-over-year).
2021: Revenue of $3K, expenses of $504, and assets of $19K (revenue +6238.6% year-over-year).
2020: Revenue of $44, expenses of $500, and assets of $16K (revenue -6.4% year-over-year).
2019: Revenue of $47, expenses of $1K, and assets of $17K (revenue -91.1% year-over-year).
2015: Revenue of $526, expenses of $2K, and assets of $21K (revenue -62.5% year-over-year).
2014: Revenue of $1K, expenses of $1K, and assets of $22K (revenue -49.5% year-over-year).
2013: Revenue of $3K, expenses of $1K, and assets of $22K (revenue +109.6% year-over-year).
2012: Revenue of $1K, expenses of $1K, and assets of $20K (revenue +110.2% year-over-year).
2011: Revenue of $630, expenses of $1K, and assets of $20K.

Data Sources and Methodology

This transparency report for Whelan Family 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.