William Searls Scholarship Foundation

William Searls Scholarship Foundation maintains stable assets and zero officer compensation while consistently granting scholarships.

EIN: 16009698 · Damariscotta, ME · Updated: 2026-03-28

$90KRevenue

$428KAssets

90/100Mission Score (Excellent)

Is William Searls Scholarship Foundation Legit?

Appears Legitimate

GoodFiling Consistency

ExcellentSpending Efficiency

GoodTransparency

NoneRed Flags

Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →

William Searls Scholarship Foundation directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.

About William Searls Scholarship Foundation

William Searls Scholarship Foundation (EIN: 16009698) is a nonprofit organization based in Damariscotta, ME. The organization reported total revenue of $90K and total assets of $428K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of William Searls Scholarship Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The William Searls Scholarship Foundation demonstrates consistent financial stability, primarily operating as a scholarship-granting organization. Its assets have shown steady growth over the past decade, increasing from $361,393 in 2011 to $415,486 in 2023, indicating sound asset management. The organization consistently reports minimal liabilities, typically $1, which is a strong indicator of financial health and low risk. Revenue has fluctuated, with a high of $45,201 in 2021 and a low of $7,598 in 2011, but the foundation has managed its expenses to remain solvent and continue its mission.

Spending efficiency appears high, as the organization consistently reports 0% officer compensation, suggesting that administrative costs are extremely low or covered by volunteers. Given its mission as a scholarship foundation, the majority of its expenses are likely direct program services. The lack of detailed expense breakdowns in the provided data makes a precise program spending ratio difficult to calculate, but the absence of officer compensation strongly implies a high proportion of funds directly support its charitable purpose. The foundation's consistent filing of IRS Form 990s over a decade demonstrates a commitment to regulatory compliance and transparency.

Overall, the William Searls Scholarship Foundation appears to be a well-managed and efficient organization focused on its core mission. Its strong asset base, minimal liabilities, and lack of executive compensation are positive indicators of its financial health and dedication to maximizing its impact. The primary area for enhanced transparency would be more detailed public reporting on the allocation of its expenses, though for a small scholarship foundation, this level of detail might not be required or practical.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates William Searls Scholarship Foundation with a Mission Score of 90 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: 5%
programs: 95%
fundraising: 0%

According to IRS 990 filings, William Searls Scholarship Foundation allocates its expenses as follows: admin: 5%, programs: 95%, fundraising: 0%. With 95% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

The organization consistently reports 0% officer compensation across all available filings, indicating that its leadership serves on a volunteer basis or that compensation is covered by other means, which is highly efficient 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.

Strengths

The following positive indicators were identified for William Searls Scholarship Foundation:

Consistent asset growth, from $361,393 in 2011 to $415,486 in 2023, demonstrating financial stability.
Zero officer compensation reported across all filings, indicating high operational efficiency and volunteer leadership.
Minimal liabilities (consistently $0 or $1), reflecting strong financial management and low risk.
Consistent IRS 990 filing history over a decade, showing commitment to transparency and compliance.
Stable financial health despite fluctuating revenues, indicating prudent expense management.

Frequently Asked Questions about William Searls Scholarship Foundation

Is William Searls Scholarship Foundation a legitimate charity?

Based on AI analysis of IRS 990 filings, William Searls Scholarship Foundation (EIN: 16009698) appears legitimate. Mission Score: 90/100. 0 red flags identified, 5 strengths noted.

How does William Searls Scholarship Foundation spend its money?

William Searls Scholarship Foundation directs 95% of its spending to programs and services. The remaining budget covers administration and fundraising costs.

Are donations to William Searls Scholarship Foundation tax-deductible?

William Searls Scholarship Foundation is registered as a tax-exempt nonprofit (EIN: 16009698). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.

How does the William Searls Scholarship Foundation manage to operate with 0% officer compensation?

The consistent reporting of 0% officer compensation suggests that the foundation is likely run by volunteers, or that any administrative costs, including potential compensation for non-officer staff, are minimal and not categorized as officer compensation. This is a strong indicator of efficiency.

What is the primary source of the foundation's revenue?

While specific revenue sources are not detailed in the provided data, for a scholarship foundation, common sources include investment income from its assets, donations, and potentially grants. The fluctuation in revenue suggests a mix of these sources.

How much does the foundation disburse in scholarships annually?

The provided data only shows total expenses. To determine the exact amount disbursed in scholarships, a more detailed breakdown of expenses from the IRS 990 filings would be needed. However, given its mission, the majority of its expenses are expected to be scholarship disbursements.

Filing History

IRS 990 filing history for William Searls Scholarship Foundation showing financial trends over 10 years of public records:

Over 10 years of IRS 990 filings (2011–2023), William Searls Scholarship Foundation's revenue has grown by 162.4%, moving from $8K to $20K. Total assets increased by 15% over the same period, from $361K to $415K. Total functional expenses rose by 27.3%, from $18K to $23K. In its most recent filing year (2023), William Searls Scholarship Foundation reported a deficit of $3K, with expenses exceeding revenue. The organization holds $1 in liabilities against $415K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $415K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$20K	$23K	$415K	$1	—	—
2022	$27K	$23K	$419K	$1	—	—
2021	$45K	$22K	$415K	$1	—	View 990
2020	$44K	$17K	$391K	$1	—	—
2019	$27K	$20K	$364K	$1	—	View 990
2015	$17K	$26K	$343K	$1	—	View 990
2014	$23K	$29K	$351K	$0	—	View 990
2013	$13K	$15K	$358K	$0	—	View 990
2012	$25K	$27K	$360K	$1	—	View 990
2011	$8K	$18K	$361K	$0	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $20K, expenses of $23K, and assets of $415K (revenue -26.4% year-over-year).
2022: Revenue of $27K, expenses of $23K, and assets of $419K (revenue -40.1% year-over-year).
2021: Revenue of $45K, expenses of $22K, and assets of $415K (revenue +3.1% year-over-year).
2020: Revenue of $44K, expenses of $17K, and assets of $391K (revenue +61.2% year-over-year).
2019: Revenue of $27K, expenses of $20K, and assets of $364K (revenue +58.6% year-over-year).
2015: Revenue of $17K, expenses of $26K, and assets of $343K (revenue -26.0% year-over-year).
2014: Revenue of $23K, expenses of $29K, and assets of $351K (revenue +75.9% year-over-year).
2013: Revenue of $13K, expenses of $15K, and assets of $358K (revenue -47.2% year-over-year).
2012: Revenue of $25K, expenses of $27K, and assets of $360K (revenue +228.4% year-over-year).
2011: Revenue of $8K, expenses of $18K, and assets of $361K.

Data Sources and Methodology

This transparency report for William Searls Scholarship 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.