Fiscal metrics catalog

This catalog documents every fiscal-health ratio in the package. Each entry mirrors the structure of the function help file: a short description, the formula, the input variables (with their default IRS 990 e-file field names), the definitional range, any benchmarks and rules of thumb, and the filer scope the metric is calculated for.

Every get_*() function appends four columns to your data — the raw ratio and its winsorized (_w), standardized (_z), and percentile-rank (_p) versions — or run the whole battery at once with compute_all(). See vignette("fiscal") to get started and vignette("normalization") for what the transformed versions mean.

library( fiscal )
help( get_program_expenses_ratio )   # the same content, per function

Liquidity

Current Ratio

get_current_ratio()

Measures short-term liquidity by comparing current assets to current liabilities.

Formula:

cr = current_assets / current_liabilities

current_assets      = cash + savings + pledges_receivable + accounts_receivable
                      + investment_sales + prepaid_expenses
current_liabilities = accounts_payable + grants_payable

Input variables

Argument	efile Variable	Description
`cash`	`F9_10_ASSET_CASH_EOY`	Cash on hand, EOY
`savings`	`F9_10_ASSET_SAVING_EOY`	Savings and temporary cash investments
`pledges_receivable`	`F9_10_ASSET_PLEDGE_NET_EOY`	Net pledges receivable
`accounts_receivable`	`F9_10_ASSET_ACC_NET_EOY`	Accounts receivable, net
`investment_sales`	`F9_10_ASSET_INV_SALE_EOY`	Investments held for sale
`prepaid_expenses`	`F9_10_ASSET_EXP_PREPAID_EOY`	Prepaid expenses and deferred charges
`accounts_payable`	`F9_10_LIAB_ACC_PAYABLE_EOY`	Accounts payable and accrued expenses
`grants_payable`	`F9_10_LIAB_GRANT_PAYABLE_EOY`	Grants and similar amounts payable

Definitional Range

The current ratio is bounded below at zero and unbounded above. Values below 1.0 mean current liabilities exceed current assets. The empirical range for nonprofits is approximately $0, 15$ , with most organizations clustered between 0.5 and 5.

Benchmarks and rules of thumb

1.0: Conventional adequacy threshold – liabilities exactly covered.
Below 0.5: Indicates acute short-term risk (Tuckman & Chang 1991).
Above 3.0-4.0: May indicate excess cash or slow receivables collection.
Sector medians generally fall in the $1.0, 2.5$ range (Zietlow et al. 2007).

Calculated For: 990 + 990EZ filers.

Quick Ratio

get_quick_ratio()

Measures liquidity using only the most liquid assets, excluding inventory and prepaid expenses.

Formula:

qr = quick_assets / current_liabilities

quick_assets        = cash + savings + pledges_receivable + accounts_receivable
current_liabilities = accounts_payable + grants_payable

Input variables

Argument	efile Variable	Description
`cash`	`F9_10_ASSET_CASH_EOY`	Cash on hand
`savings`	`F9_10_ASSET_SAVING_EOY`	Savings
`pledges_receivable`	`F9_10_ASSET_PLEDGE_NET_EOY`	Net pledges receivable
`accounts_receivable`	`F9_10_ASSET_ACC_NET_EOY`	Accounts receivable
`accounts_payable`	`F9_10_LIAB_ACC_PAYABLE_EOY`	Accounts payable and accrued expenses
`grants_payable`	`F9_10_LIAB_GRANT_PAYABLE_EOY`	Grants and similar amounts payable

Definitional Range

The quick ratio is bounded below at zero (no asset values are negative on a properly prepared balance sheet) and is unbounded above. In practice the empirical range for nonprofits is approximately $0, 10$ , with extreme values above 5 typically indicating cash hoarding, an unusually large receivables balance, or an organization with minimal current liabilities (e.g., a grant-making foundation with no accounts payable).

Values below zero can occur when net receivables are negative (allowances for uncollectible pledges exceed gross pledges) or when the denominator carries accounting adjustments. Very large values can result when current liabilities are near zero, producing ratios that are mathematically valid but practically uninterpretable. The default winsorization at the 1st/99th percentiles addresses both extremes.

Benchmarks and rules of thumb

Above 1.0: Conventionally adequate; liquid assets cover current liabilities.
0.5-1.0: Potential short-term stress.
Below 0.5: Common vulnerability threshold (Tuckman & Chang 1991).
Very high values (above 3-5) may signal excess cash hoarding rather than financial health.
A declining trend over consecutive years is a stronger warning signal than any single year’s value.

Calculated For: 990 + 990EZ filers.

Cash Ratio

get_cash_liquidity_ratio()

Measures immediate liquidity using only cash and cash equivalents against current liabilities.

Formula:

casr = ( cash + savings ) / current_liabilities

current_liabilities = accounts_payable + grants_payable

Input variables

Argument	efile Variable	Description
`cash`	`F9_10_ASSET_CASH_EOY`	Cash on hand, EOY
`savings`	`F9_10_ASSET_SAVING_EOY`	Savings and temporary cash investments
`accounts_payable`	`F9_10_LIAB_ACC_PAYABLE_EOY`	Accounts payable and accrued expenses
`grants_payable`	`F9_10_LIAB_GRANT_PAYABLE_EOY`	Grants and similar amounts payable

Definitional Range

Bounded below at zero and unbounded above. A ratio of 1.0 means cash exactly covers current payables. The empirical range for nonprofits is approximately $0, 20$ , with most values between 0.1 and 5.0. Very high values are common for grant-making foundations and endowed organizations that carry minimal accounts payable.

Benchmarks and rules of thumb

Below 0.5: Organization cannot cover half of near-term payables from cash alone; reliant on receivables collection or borrowing.
1.0 or above: Full cash coverage of current liabilities.
Because this is a highly conservative measure, values somewhat below 1.0 are normal if receivables are healthy.

Calculated For: 990 + 990EZ filers.

Cash and Savings to Assets Ratio

get_cash_assets_ratio()

Cash and savings as a share of total assets; measures the liquid composition of the asset base.

Formula:

cash_assets = ( cash + savings ) / total_assets

Input variables

Argument	efile Variable	Description
`cash`	`F9_10_ASSET_CASH_EOY`	Cash on hand, EOY
`savings`	`F9_10_ASSET_SAVING_EOY`	Savings and temporary cash investments
`total_assets`	`F9_10_ASSET_TOT_EOY`	Total assets, EOY

Definitional Range

Bounded $0, 1$ : zero means no liquid assets; one means the entire asset base is cash and savings. In practice most nonprofits fall in the $0.05, 0.50$ range. Values above 0.60 are uncommon for operating nonprofits and may indicate excess cash hoarding.

Benchmarks and rules of thumb

No universally accepted benchmark. Values below 0.05 suggest minimal liquid cushion; values above 0.60 may indicate under-deployment of assets toward mission.
Foundations and endowed institutions naturally show higher ratios than operating nonprofits.

Calculated For: 990 + 990EZ filers.

Cash on Hand

get_cash_on_hand()

Absolute dollar amount of cash and liquid savings held at end of year.

Formula:

coh = cash + savings

Input variables

Argument	efile Variable	Description
`cash`	`F9_10_ASSET_CASH_EOY`	Cash on hand, EOY
`savings`	`F9_10_ASSET_SAVING_EOY`	Savings and temporary cash investments

Definitional Range

Cash on hand is bounded below at zero (cannot be negative on a properly prepared balance sheet) and unbounded above. Unlike ratio measures, the scale is in dollars, so comparison across organizations of different sizes requires normalization. Use get_months_cash_operations() or get_days_cash_operations() for size-adjusted comparisons.

Benchmarks and rules of thumb

As an absolute measure, benchmarks depend on the organization’s expense base. A common practitioner rule is at least 60-90 days of operating expenses in liquid cash.
The Nonprofit Finance Fund recommends a minimum of three months of operating expenses in accessible reserves.

Calculated For: 990 + 990EZ filers.

Burn Rate

get_cash_burn_ratio()

Monthly rate at which an organization draws down its cash reserves.

Formula:

brr = ( cash_boy - cash_eoy ) / months_in_period

Input variables

Argument	efile Variable	Description
`cash_eoy`	`F9_10_ASSET_CASH_EOY`	Cash, end of year
`cash_boy`	`F9_10_ASSET_CASH_BOY`	Cash, beginning of year

Definitional Range

Bounded below at zero (cash cannot be negative). Values below 1.0 indicate cash depletion; values above 1.0 indicate cash accumulation. Ratios near zero indicate near-complete cash exhaustion. The ratio is undefined (NA) when beginning-of-year cash is zero, which occurs in the first year of operation or after a complete cash drawdown.

Benchmarks and rules of thumb

A ratio consistently below 1.0 over multiple years is a warning sign; a single year below 1.0 may reflect planned reserve spending.
Below 0.50 in a single year (cash halved) warrants investigation.
A ratio consistently above 1.0 indicates accumulating liquidity reserves.

Calculated For: 990 + 990EZ filers.

Days of Operating Cash on Hand

get_days_cash_operations()

Measures how many days an organization can operate using available liquid assets.

Formula:

doch = liquid_assets / daily_expenses

liquid_assets = cash + savings + pledges_receivable + accounts_receivable
daily_expenses = ( total_expenses - depreciation ) / 365

Input variables

Argument	efile Variable	Description
`cash`	`F9_10_ASSET_CASH_EOY`	Cash on hand
`savings`	`F9_10_ASSET_SAVING_EOY`	Savings
`pledges_receivable`	`F9_10_ASSET_PLEDGE_NET_EOY`	Net pledges receivable
`accounts_receivable`	`F9_10_ASSET_ACC_NET_EOY`	Accounts receivable
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses
`depreciation`	`F9_09_EXP_DEPREC_TOT`	Depreciation and amortization

Definitional Range

Bounded below at zero and unbounded above, expressed in days. The typical range for nonprofits is approximately $0, 365$ . Values above 365 (more than one year of cash) indicate very large liquid reserves relative to expenses, which is uncommon for operating nonprofits but typical for foundations.

Benchmarks and rules of thumb

Below 30 days: Generally considered a distress indicator.
60-90 days: Commonly cited minimum threshold (Nonprofit Finance Fund).
90-180 days: Considered healthy for most operating nonprofits.
Healthcare nonprofits are typically benchmarked at 150+ days due to longer receivables cycles.

Calculated For: 990 + 990EZ filers.

Days of Operating Cash and Investments

get_days_cash_investments()

Measures days of operating coverage using liquid and investment assets, net of fixed property obligations.

Formula:

doci = investable_assets / daily_expenses

investable_assets = unrestricted_net_assets + investments
                    - ( land_buildings_equipment + mortgages_payable )
daily_expenses    = ( total_expenses - depreciation ) / 365

Input variables

Argument	efile Variable	Description
`net_assets`	`F9_10_NAFB_UNRESTRICT_EOY`	Unrestricted net assets, EOY
`investments`	`F9_10_ASSET_INV_SALE_EOY`	Investments held for sale
`land_buildings`	`F9_10_ASSET_LAND_BLDG_NET_EOY`	Net land, buildings, and equipment
`mortgages_payable`	`F9_10_LIAB_MTG_NOTE_EOY`	Mortgages and notes payable
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses
`depreciation`	`F9_09_EXP_DEPREC_TOT`	Depreciation and amortization

Definitional Range

Unbounded in both directions. Negative values occur when unrestricted net assets are negative (accumulated deficits exceed equity) or when fixed assets net of debt exceed liquid resources. Values above 365 indicate more than one year of coverage.

Benchmarks and rules of thumb

180-365 days: Considered a solid reserve position for endowed organizations.
A large gap between this metric and get_days_cash_operations() indicates liquidity concentrated in investments rather than accessible cash.

Calculated For: 990 + 990EZ filers.

Months of Operating Cash on Hand

get_months_cash_operations()

Number of months the organization can operate using available liquid assets.

Formula:

moch = liquid_assets / monthly_expenses

liquid_assets    = cash + savings + pledges_receivable + accounts_receivable
monthly_expenses = ( total_expenses - depreciation ) / 12

Input variables

Argument	efile Variable	Description
`cash`	`F9_10_ASSET_CASH_EOY`	Cash on hand
`savings`	`F9_10_ASSET_SAVING_EOY`	Savings
`pledges_receivable`	`F9_10_ASSET_PLEDGE_NET_EOY`	Net pledges receivable
`accounts_receivable`	`F9_10_ASSET_ACC_NET_EOY`	Accounts receivable
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses
`depreciation`	`F9_09_EXP_DEPREC_TOT`	Depreciation and amortization

Definitional Range

Bounded below at zero; unbounded above. The typical operating range for nonprofits is approximately $0, 24$ months, with values above 12 months uncommon for operating organizations (more typical for foundations).

Benchmarks and rules of thumb

Less than 1 month: Acute liquidity risk.
1-3 months: Below adequate; common guidance is at least 3 months.
3-6 months: Generally considered healthy for most operating nonprofits.
6+ months: Strong reserve position.
The Nonprofit Finance Fund recommends 3-6 months as a target.

Calculated For: 990 + 990EZ filers.

Months of Liquid Unrestricted Net Assets (LUNA)

get_liquid_assets_months()

Number of months an organization can operate using its liquid unrestricted net assets.

Formula:

luna = liquid_unrestricted_net_assets / monthly_expenses

liquid_unrestricted_net_assets = unrestricted_net_assets
                                 - ( net_fixed_assets - mortgages_payable )
monthly_expenses = total_expenses / 12

Input variables

Argument	efile Variable	Description
`unrestricted_net_assets`	`F9_10_NAFB_UNRESTRICT_EOY`	Unrestricted net assets, EOY
`net_fixed_assets`	`F9_10_ASSET_LAND_BLDG_NET_EOY`	Net land, buildings, and equipment
`mortgages_payable`	`F9_10_LIAB_MTG_NOTE_EOY`	Mortgages and notes payable
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses

Definitional Range

Unbounded in both directions, expressed in months. Negative values indicate that fixed property (net of mortgage debt) exceeds unrestricted net assets. The practical range for operating nonprofits is approximately $-12, 36$ months.

Benchmarks and rules of thumb

Same general benchmarks as get_operating_reserve_ratio(): 3-6 months is considered adequate for most operating nonprofits.
Negative LUNA values are particularly informative: they indicate unrestricted equity is entirely absorbed by illiquid fixed assets.

Calculated For: 990 + 990EZ filers.

Solvency & leverage

Debt to Asset Ratio

get_debt_assets_ratio()

Proportion of total assets financed through liabilities.

Formula:

dar = total_liabilities / total_assets

Input variables

Argument	efile Variable	Description
`debt`	`F9_10_LIAB_TOT_EOY`	Total liabilities, EOY (990)
`debt`	`F9_01_NAFB_LIAB_TOT_EOY`	Total liabilities from Part I (990EZ fallback)
`assets`	`F9_10_ASSET_TOT_EOY`	Total assets, EOY (990)
`assets`	`F9_01_NAFB_ASSET_TOT_EOY`	Total assets from Part I (990EZ fallback)

Definitional Range

Theoretically bounded $0, 1$ when net assets are positive: zero means no debt; one means liabilities equal total assets (zero net assets). Values above 1.0 occur when total liabilities exceed total assets, i.e., the organization has negative net assets (accumulated deficits exceed equity). This is a distress indicator but not uncommon in capital-intensive nonprofits (hospitals, housing) carrying large long-term debt.

Benchmarks and rules of thumb

Below 0.50: Generally considered financially stable.
0.50-0.70: Moderate leverage; manageable but warrants monitoring.
Above 0.70: High leverage; common vulnerability threshold (Tuckman & Chang 1991).
Above 1.0: Negative net assets; acute financial risk.

Calculated For: 990 + 990EZ filers.

Debt to Equity Ratio

get_debt_equity_ratio()

Compares total liabilities to unrestricted net assets.

Formula:

der = total_liabilities / unrestricted_net_assets

Input variables

Argument	efile Variable	Description
`debt`	`F9_10_LIAB_TOT_EOY`	Total liabilities, EOY
`equity`	`F9_10_NAFB_UNRESTRICT_EOY`	Unrestricted net assets, EOY

Definitional Range

Bounded below at zero when liabilities are non-negative and unrestricted net assets are positive. Unbounded above when unrestricted net assets are very small. Values below zero occur when unrestricted net assets are negative (accumulated deficits exceed unrestricted equity), an acute financial distress signal. The ratio is undefined (NA) when unrestricted net assets equal zero.

Benchmarks and rules of thumb

Values below 1.0 mean total liabilities are less than the unrestricted equity base – generally considered strong.
Values between 1.0 and 3.0 indicate moderate leverage.
Values above 5.0 indicate very high leverage relative to the equity base and are a common vulnerability threshold.
Negative values indicate negative unrestricted net assets, which almost always signals significant financial stress.

Calculated For: 990 + 990EZ filers.

Debt to Net Assets Ratio

get_debt_netassets_ratio()

Compares total liabilities to unrestricted net assets.

Formula:

dmr = total_liabilities / unrestricted_net_assets

Input variables

Argument	efile Variable	Description
`liabilities`	`F9_10_LIAB_TOT_EOY`	Total liabilities, EOY (990)
`liabilities`	`F9_01_NAFB_LIAB_TOT_EOY`	Total liabilities from Part I (990EZ fallback)
`net_assets`	`F9_10_NAFB_UNRESTRICT_EOY`	Unrestricted net assets, EOY

Definitional Range

Same as get_debt_equity_ratio(): bounded below at zero when both numerator and denominator are positive; unbounded above; negative when unrestricted net assets are negative.

Benchmarks and rules of thumb

Values above 3.0-5.0 are commonly flagged as high leverage in the nonprofit vulnerability literature. See get_debt_equity_ratio() for fuller benchmark guidance.

Calculated For: 990 + 990EZ filers.

Short Term Debt Ratio

get_debt_shortterm_ratio()

Measures short-term obligations as a share of total net assets.

Formula:

stdr = short_term_liabilities / net_assets

short_term_liabilities = accounts_payable + grants_payable

Input variables

Argument	efile Variable	Description
`accounts_payable`	`F9_10_LIAB_ACC_PAYABLE_EOY`	Accounts payable and accrued expenses
`grants_payable`	`F9_10_LIAB_GRANT_PAYABLE_EOY`	Grants and similar amounts payable
`net_assets`	`F9_10_NAFB_TOT_EOY`	Total net assets, EOY

Definitional Range

Bounded below at zero when net assets are positive. Negative values occur when net assets are negative (accumulated deficit), which makes the ratio uninterpretable as a burden measure. Unbounded above when net assets approach zero. Typical values for financially stable nonprofits are in the $0, 0.30$ range.

Benchmarks and rules of thumb

Values below 0.10 indicate modest short-term payables relative to the equity base – a comfortable position.
Values above 0.30 suggest near-term obligations are placing meaningful pressure on net assets.

Calculated For: 990 + 990EZ filers.

Secured Debt Ratio

get_debt_secured_ratio()

Secured mortgages and notes payable as a share of total liabilities.

Formula:

debt_secured = secured_mortgages_notes / total_liabilities

Input variables

Argument	efile Variable	Description
`secured_mortgages_notes`	`F9_10_LIAB_MTG_NOTE_EOY`	Secured mortgages and notes payable, EOY
`total_liabilities`	`F9_10_LIAB_TOT_EOY`	Total liabilities, EOY

Definitional Range

Bounded $0, 1$ . Most nonprofits have zero secured debt; capital-intensive organizations (housing, healthcare, higher education) can show values above 0.70.

Benchmarks and rules of thumb

No standard benchmark. Most informative when tracked over time or compared within subsectors with similar capital structures.
For organizations with high secured debt ratios, lenders will scrutinize the collateral value and debt service coverage ratio.

Calculated For: 990 + 990EZ filers.

Unsecured Debt Ratio

get_debt_unsecured_ratio()

Unsecured notes and loans payable as a share of total liabilities.

Formula:

debt_unsecured = unsecured_notes_loans / total_liabilities

Input variables

Argument	efile Variable	Description
`unsecured_notes_loans`	`F9_10_LIAB_NOTE_UNSEC_EOY`	Unsecured notes and loans payable, EOY
`total_liabilities`	`F9_10_LIAB_TOT_EOY`	Total liabilities, EOY

Definitional Range

Bounded $0, 1$ . Most nonprofits carry no unsecured notes, so the distribution is highly concentrated at zero with a long right tail.

Benchmarks and rules of thumb

No established benchmark. Presence of unsecured debt is not inherently negative – many healthy nonprofits use lines of credit for cash flow management – but a large and growing ratio warrants scrutiny.
Trend analysis is more informative than a single year’s value.

Calculated For: 990 + 990EZ filers.

Equity Ratio

get_equity_ratio()

Share of total assets financed through net assets (equity).

Formula:

er = total_net_assets / total_assets

Input variables

Argument	efile Variable	Description
`net_assets`	`F9_10_NAFB_TOT_EOY`	Total net assets, EOY
`total_assets`	`F9_10_ASSET_TOT_EOY`	Total assets, EOY

Definitional Range

Theoretically bounded $0, 1$ when net assets are positive. Values above 1.0 are not possible. Values below zero occur when net assets are negative (accumulated deficit), which is a distress indicator. The empirical range for most nonprofits is approximately $0.10, 0.95$ .

Benchmarks and rules of thumb

Above 0.50: Equity finances more than half of assets – generally healthy.
Below 0.30: High leverage; common in capital-intensive subsectors.
Most useful as a trend measure: declining values warrant investigation.

Calculated For: 990 + 990EZ filers.

Performance & margins

Surplus Margin

get_surplus_margin_ratio()

Net surplus or deficit as a share of total revenue.

Formula:

sm = revenues_less_expenses / total_revenue

Input variables

Argument	efile Variable	Description
`revenues_less_expenses`	`F9_01_EXP_REV_LESS_EXP_CY`	Revenues less expenses, current year
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue from Part VIII (990)
`total_revenue`	`F9_01_REV_TOT_CY`	Total revenue from Part I (990EZ fallback)

Definitional Range

Bounded above at 1.0 (expenses cannot be negative). Bounded below at negative infinity in theory, but in practice the empirical range for nonprofits is approximately $-0.30, 0.30$ in most years. Values below -0.50 or above 0.50 typically reflect unusual one-time events (large gifts, major write-downs, asset sales).

Benchmarks and rules of thumb

Near zero: Normal and expected for nonprofits operating close to break-even.
0.02-0.07 (2-7%): Commonly considered a healthy surplus range.
Below -0.05 for two or more consecutive years: Common vulnerability threshold (Greenlee & Trussel 2000).

Calculated For: 990 + 990EZ filers.

Return on Assets

get_return_assets_ratio()

Net surplus or deficit as a share of total assets.

Formula:

roa = revenues_less_expenses / total_assets

Input variables

Argument	efile Variable	Description
`revenues_less_expenses`	`F9_01_EXP_REV_LESS_EXP_CY`	Revenues less expenses, current year
`total_assets`	`F9_10_ASSET_TOT_EOY`	Total assets, EOY (990)
`total_assets`	`F9_01_NAFB_ASSET_TOT_EOY`	Total assets from Part I (990EZ fallback)

Definitional Range

ROA is unbounded in both directions. A ratio of zero means expenses exactly equalled revenues. Positive values indicate surplus years; negative values indicate deficit years. For nonprofits, where perpetual surpluses raise concerns about mission prioritization and perpetual deficits signal sustainability risk, the meaningful range is approximately $-0.20, 0.20$ for most organizations in most years. Values outside this range are not impossible but typically reflect unusual circumstances (large asset disposals, one-time gifts, major capital campaigns, or accounting restatements) rather than stable operating performance.

Values can be distorted by very small total asset bases (newly formed organizations) or by organizations whose assets consist almost entirely of illiquid fixed property, making the denominator a poor proxy for the operational resource base.

Benchmarks and rules of thumb

Near zero: Normal for nonprofits operating close to break-even by design.
0.02-0.07 (2-7%): Generally considered healthy – building modest reserves without appearing to hoard resources.
Sustained below -0.05: Common threshold for classifying an organization as at risk (Greenlee & Trussel 2000, Keating et al. 2005).
Asset structure matters: capital-intensive organizations will mechanically produce low ROA even when financially healthy.

Calculated For: 990 + 990EZ filers.

Return on Net Assets

get_return_netassets_ratio()

Net surplus or deficit as a share of beginning-of-year net assets.

Formula:

rona = revenues_less_expenses / net_assets_boy

Input variables

Argument	efile Variable	Description
`revenues_less_expenses`	`F9_01_EXP_REV_LESS_EXP_CY`	Revenues less expenses, current year
`net_assets_boy`	`F9_10_NAFB_TOT_BOY`	Total net assets, BOY (990)
`net_assets_boy`	`F9_01_NAFB_TOT_BOY`	Net assets from Part I, BOY (990EZ fallback)

Definitional Range

Unbounded in both directions. A value of 0 means break-even. The typical range for nonprofits is approximately $-0.30, 0.30$ . The ratio is undefined (NA) when beginning net assets equal zero. Extreme values occur when BOY net assets are near zero (small denominator) rather than when the surplus itself is large.

Benchmarks and rules of thumb

Small positive values (0.02-0.10) are considered healthy.
Sustained negative RONA over multiple years is a financial vulnerability indicator (Greenlee & Trussel 2000).
Most useful in trend analysis and within-subsector comparisons.

Calculated For: 990 + 990EZ filers.

Post-Depreciation Profitability Margin

get_profit_margin_postdepr()

Operating surplus or deficit as a share of total revenue, after depreciation.

Formula:

podpm = ( total_revenue - total_expenses ) / total_revenue

Input variables

Argument	efile Variable	Description
`expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses
`revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded above at 1.0; unbounded below. The typical range for nonprofits is approximately $-0.30, 0.30$ . Extreme negative values may reflect major write-downs or one-time capital expenses.

Benchmarks and rules of thumb

Near zero: Normal for nonprofits operating close to break-even.
0.02-0.07 (2-7%): Healthy.
Below -0.05 for two or more consecutive years: Common vulnerability threshold.
A persistent gap between post- and pre-depreciation margins signals capital consumption requiring future capital expenditure.

Calculated For: 990 filers only.

Pre-Depreciation Profitability Margin

get_profit_margin_predepr()

Operating surplus or deficit as a share of total revenue, before depreciation.

Formula:

predpm = ( total_revenue - ( total_expenses - depreciation ) ) / total_revenue

Input variables

Argument	efile Variable	Description
`revenue`	`F9_08_REV_TOT_TOT`	Total revenue
`expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses
`depreciation`	`F9_09_EXP_DEPREC_TOT`	Depreciation and amortization

Definitional Range

Bounded above at 1.0; unbounded below. Always equal to or greater than the post-depreciation margin (get_profit_margin_postdepr()) since adding back depreciation can only increase the margin. The typical range is approximately $-0.20, 0.40$ .

Benchmarks and rules of thumb

A pre-depreciation margin above zero with a post-depreciation margin below zero is common and generally manageable for capital-intensive nonprofits.
If both margins are negative, the organization is generating a true cash flow deficit, not just an accounting loss.

Calculated For: 990 filers only.

Self Sufficiency Ratio

get_self_sufficiency_ratio()

Measures whether program service revenue is sufficient to cover total expenses.

Formula:

ssr = program_service_revenue / total_expenses

Input variables

Argument	efile Variable	Description
`program_service_rev`	`F9_08_REV_PROG_TOT_TOT`	Program service revenue (990)
`program_service_rev`	`F9_01_REV_PROG_TOT_CY`	Program revenue from Part I (990EZ fallback)
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses (990)
`total_expenses`	`F9_01_EXP_TOT_CY`	Total expenses from Part I (990EZ fallback)

Definitional Range

Bounded below at zero; values above 1.0 are possible (and indicate program revenue exceeds total expenses - a surplus from earned income alone). The typical range for nonprofits is approximately $0, 1.5$ , with most values below 1.0 since most nonprofits depend on some contributed income.

Benchmarks and rules of thumb

SSR > 1.0: Fully self-sufficient from program revenue; characteristic of mature social enterprises and fee-based service providers.
SSR 0.50-1.0: Majority of costs covered by program revenue; moderate philanthropy dependence.
SSR < 0.25: Heavily dependent on contributed income; common for advocacy organizations, arts nonprofits, and grant-funded research entities.
High SSR is not universally better – organizations serving low-income populations often require philanthropic subsidy by design.

Calculated For: 990 + 990EZ filers.

Expense structure

Program Expense Ratio

get_program_expenses_ratio()

Share of total expenses devoted to program services.

Formula:

per = program_expenses / total_expenses

Input variables

Argument	efile Variable	Description
`program_expenses`	`F9_09_EXP_TOT_PROG`	Program service expenses (990)
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses (990)
`total_expenses`	`F9_01_EXP_TOT_CY`	Total expenses from Part I (990EZ fallback)

Definitional Range

Bounded zero to one. Zero means no spending on programs (all overhead); one means all spending is on programs (no administration or fundraising). In practice, values above 0.95 are unusual and may reflect accounting misallocation. The empirical range for most operating nonprofits is approximately 0.50 to 0.95.

Benchmarks and rules of thumb

>= 75%: Charity Navigator threshold for a favorable efficiency score.
>= 65%: BBB Wise Giving Alliance minimum standard.
Below 50%: Commonly flagged as a concern, though legitimate for startup-phase organizations.
Caution: high ratios achieved by underinvesting in administration (the “starvation cycle”) can signal long-term organizational weakness (Lecy & Searing 2015).

Calculated For: 990 filers only.

Overhead Ratio

get_overhead_ratio()

Combined management and fundraising expenses as a share of total expenses.

Formula:

overhead = ( mgmt_expenses + fundraising_expenses ) / total_expenses

Input variables

Argument	efile Variable	Description
`mgmt_expenses`	`F9_09_EXP_TOT_MGMT`	Management and general expenses
`fundraising_expenses`	`F9_09_EXP_TOT_FUNDR`	Fundraising expenses
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses

Definitional Range

Bounded $0, 1$ . Empirical range approximately $0.05, 0.50$ for most operating nonprofits.

Benchmarks and rules of thumb

25% or less: Charity Navigator threshold for a full efficiency score.
35% or less: BBB Wise Giving Alliance standard.
Low overhead can indicate underinvestment in organizational capacity (the “starvation cycle”) rather than genuine efficiency.

Calculated For: 990 filers only.

Administrative Overhead Ratio

get_expenses_admin_ratio()

Share of total expenses devoted to management and general administration.

Formula:

aer = management_expenses / total_expenses

Input variables

Argument	efile Variable	Description
`mgmt_expenses`	`F9_09_EXP_TOT_MGMT`	Management and general expenses
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses

Definitional Range

Bounded $0, 1$ . In combination with program and fundraising ratios, all three sum to 1.0 by construction. The empirical range for most nonprofits is approximately $0.05, 0.35$ .

Benchmarks and rules of thumb

Charity Navigator targets management and general expenses at or below 15% of total expenses for a favorable score.
Values below 5% may indicate underinvestment in governance systems.

Calculated For: 990 filers only.

Fundraising Efficiency Ratio

get_fundraising_efficiency_ratio()

Cost of raising one dollar of contributions; measures how efficiently fundraising expenses generate donated revenue.

Formula:

fer = fundraising_expenses / total_contributions

Input variables

Argument	efile Variable	Description
`fundraising_expenses`	`F9_09_EXP_TOT_FUNDR`	Total fundraising expenses
`total_contributions`	`F9_08_REV_CONTR_TOT`	Total contributions received

Definitional Range

Bounded below at zero; values above 1.0 (spending more than a dollar to raise a dollar) are possible, particularly for young organizations building donor bases or those in difficult fundraising environments. The typical range is approximately $0, 0.50$ for most operating nonprofits.

Benchmarks and rules of thumb

<= 10 cents per dollar (ratio <= 0.10): Charity Navigator threshold for a full fundraising efficiency score.
<= 35 cents per dollar: BBB Wise Giving Alliance standard.
Above 50 cents: Commonly flagged as inefficient.

Calculated For: 990 filers only.

Compensation Expense Ratio

get_expenses_compensation_ratio()

Total compensation and employee-related expenses as a share of total functional expenses.

Formula:

expenses_compensation = ( officer_comp + disqualified_comp + other_salaries
                          + pension_contributions + other_employee_benefits
                          + payroll_taxes ) / total_expenses

Input variables

Argument	efile Variable	Description
`officer_comp`	`F9_09_EXP_COMP_DTK_TOT`	Officer/director compensation, total
`disqualified_comp`	`F9_09_EXP_COMP_DSQ_PERS_TOT`	Disqualified person compensation, total
`other_salaries`	`F9_09_EXP_OTH_SAL_WAGE_TOT`	Other salaries and wages, total
`pension_contributions`	`F9_09_EXP_PENSION_CONTR_TOT`	Pension plan contributions, total
`other_employee_benefits`	`F9_09_EXP_OTH_EMPL_BEN_TOT`	Other employee benefits, total
`payroll_taxes`	`F9_09_EXP_PAYROLL_TAX_TOT`	Payroll taxes, total
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses

Definitional Range

Bounded $0, 1$ . Most service-delivery nonprofits fall in the $0.50, 0.85$ range. Grant-making organizations may show ratios below 0.20.

Benchmarks and rules of thumb

No universal benchmark – labor intensity varies fundamentally by mission type.
Human services, health, and education nonprofits typically show ratios above 0.60; grant-making organizations may show ratios below 0.30.
A sharp year-over-year increase may indicate revenue contraction rather than compensation growth.

Calculated For: 990 filers only.

Grants-to-Others Expense Ratio

get_expenses_grants_ratio()

Total grants paid to domestic organizations, domestic individuals, and foreign entities as a share of total functional expenses.

Formula:

expenses_grants = ( us_org_grants + us_indiv_grants + foreign_grants )
                  / total_expenses

Input variables

Argument	efile Variable	Description
`us_org_grants`	`F9_09_EXP_GRANT_US_ORG_TOT`	Grants to domestic organizations, total
`us_indiv_grants`	`F9_09_EXP_GRANT_US_INDIV_TOT`	Grants to domestic individuals, total
`foreign_grants`	`F9_09_EXP_GRANT_FRGN_TOT`	Grants to foreign entities, total
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses

Definitional Range

Bounded $0, 1$ . Near zero for direct-service organizations; near 1.0 for pure pass-through grant-makers.

Benchmarks and rules of thumb

Subsector comparisons are essential: a 0.80 ratio is expected for a community foundation; the same value would be anomalous for a hospital.
Rising ratios over time may indicate a strategic shift toward a more redistributive model.

Calculated For: 990 filers only.

Member Benefits Expense Ratio

get_expenses_membbenefits_ratio()

Benefits paid to or for members as a share of total expenses.

Formula:

expenses_membbenefits = member_benefits / total_expenses

Input variables

Argument	efile Variable	Description
`member_benefits`	`F9_09_EXP_BEN_PAID_MEMB_TOT`	Benefits paid to members, total (scope: 990 + 990EZ)
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses

Definitional Range

Bounded $0, 1$ . Near zero for most public benefit charities; potentially high (above 0.50) for mutual benefit organizations.

Benchmarks and rules of thumb

Interpret in the context of the organization’s exempt purpose and subsection code.
Non-zero values for 501(c)(3) organizations should be reviewed for compliance with private benefit restrictions.

Calculated For: 990 filers only.

Fees for Services Expense Ratio

get_expenses_feesforservice_ratio()

Total fees paid for outside services (management, legal, accounting, lobbying, professional fundraising, investment management, and other) as a share of total functional expenses.

Formula:

expenses_feesforservice = ( mgmt_fees + legal_fees + accounting_fees
                            + lobbying_fees + prof_fundraising_fees
                            + investment_mgmt_fees + other_fees )
                          / total_expenses

Input variables

Argument	efile Variable	Description
`mgmt_fees`	`F9_09_EXP_FEE_SVC_MGMT_TOT`	Management fees, total
`legal_fees`	`F9_09_EXP_FEE_SVC_LEGAL_TOT`	Legal fees, total
`accounting_fees`	`F9_09_EXP_FEE_SVC_ACC_TOT`	Accounting fees, total
`lobbying_fees`	`F9_09_EXP_FEE_SVC_LOB_TOT`	Lobbying fees, total
`prof_fundraising_fees`	`F9_09_EXP_FEE_SVC_FUNDR_TOT`	Professional fundraising fees, total
`investment_mgmt_fees`	`F9_09_EXP_FEE_SVC_INVEST_TOT`	Investment management fees, total
`other_fees`	`F9_09_EXP_FEE_SVC_OTH_TOT`	Other fees for services, total
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses

Definitional Range

Bounded $0, 1$ . Most nonprofits show values in the $0.01, 0.20$ range.

Benchmarks and rules of thumb

No universal benchmark; most meaningful within subsector or over time.
Unusually high investment management fees relative to total expenses may indicate poor endowment management or excessive fee structures.

Calculated For: 990 filers only.

Payments to Affiliates Ratio

get_expenses_affiliates_ratio()

Payments to affiliates as a share of total expenses.

Formula:

expenses_affiliates = payments_to_affiliates / total_expenses

Input variables

Argument	efile Variable	Description
`payments_to_affiliates`	`F9_09_EXP_PAY_AFFIL_TOT`	Payments to affiliates, total
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses

Definitional Range

Bounded $0, 1$ . Near zero for standalone organizations; potentially above 0.50 for federated intermediaries.

Benchmarks and rules of thumb

Interpret in the context of organizational structure.
Large payments to affiliates in the absence of a known federated structure warrant review of related-party transaction disclosures.

Calculated For: 990 filers only.

Revenue structure

Government Grant Ratio

get_grants_govt_ratio()

Share of total revenue originating from government grants.

Formula:

ggr = government_grants / total_revenue

Input variables

Argument	efile Variable	Description
`government_grants`	`F9_08_REV_CONTR_GOVT_GRANT`	Government grants and contributions
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded $0, 1$ . Zero means no government funding; one means all revenue comes from government sources. The empirical distribution varies widely by subsector: social service organizations often show ratios above 0.50; arts organizations typically below 0.20.

Benchmarks and rules of thumb

Values above 0.50 indicate majority government-funded organizations, which face heightened vulnerability to government budget changes.
Revenue diversification theory suggests maintaining no single source above 0.33-0.50 for optimal stability (Chang & Tuckman 1994).

Calculated For: 990 filers only.

Donation/Grant Dependence Ratio

get_donations_revenue_ratio()

Measures reliance on contributions and fundraising as a share of total revenue.

Formula:

dgdr = donation_revenue / total_revenue

donation_revenue = contributions + fundraising_revenue

Input variables

Argument	efile Variable	Description
`contributions`	`F9_08_REV_CONTR_TOT`	Total contributions
`fundraising_revenue`	`F9_08_REV_OTH_FUNDR_NET_TOT`	Net fundraising event revenue
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded $0, 1$ . Values near 1.0 characterize traditional charitable organizations with minimal earned income; values near 0 characterize fee-based service providers.

Benchmarks and rules of thumb

Values above 0.70-0.80 warrant monitoring of donor concentration and retention.
Organizations above 0.90 have almost no earned income buffer if philanthropic support declines.

Calculated For: 990 + 990EZ filers.

Earned Income Dependency Ratio

get_earned_income_ratio()

Share of total revenue derived from earned (non-donation) income sources.

Formula:

eidr = earned_revenue / total_revenue

earned_revenue = program_service_revenue + membership_dues
                 + royalties + other_revenue

Input variables

Argument	efile Variable	Description
`program_service_rev`	`F9_08_REV_PROG_TOT_TOT`	Program service revenue
`membership_dues`	`F9_08_REV_CONTR_MEMBSHIP_DUE`	Membership dues
`royalties`	`F9_08_REV_OTH_ROY_TOT`	Royalties
`other_revenue`	`F9_08_REV_MISC_OTH_TOT`	Other miscellaneous revenue
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded $0, 1$ . Organizations heavily reliant on philanthropy show values near zero; fee-based service providers may show values above 0.90.

Benchmarks and rules of thumb

No universal threshold – context matters: an advocacy organization is expected to show a low ratio; a hospital is expected to show a high one.
A low ratio combined with high donation dependence indicates philanthropic concentration risk.

Calculated For: 990 + 990EZ filers.

Program Service Revenue Ratio

get_revenue_programs_ratio()

Program service revenue as a share of total revenue.

Formula:

revenue_programs = program_service_revenue / total_revenue

Input variables

Argument	efile Variable	Description
`program_service_revenue`	`F9_08_REV_PROG_TOT_TOT`	Total program service revenue
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded $0, 1$ . Zero means none of this revenue type was received; one means this channel accounted for all total revenue.

Calculated For: 990 filers only.

get_revenue_fedcampaign_ratio()

Federated campaign contributions as a share of total revenue.

Formula:

revenue_fedcampaign = federated_campaigns / total_revenue

Input variables

Argument	efile Variable	Description
`federated_campaigns`	`F9_08_REV_CONTR_FED_CAMP`	Federated campaign contributions
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded $0, 1$ . Zero means none of this revenue type was received; one means this channel accounted for all total revenue.

Calculated For: 990 filers only.

Membership Dues Revenue Ratio

get_revenue_membdues_ratio()

Membership dues as a share of total revenue.

Formula:

revenue_membdues = membership_dues / total_revenue

Input variables

Argument	efile Variable	Description
`membership_dues`	`F9_08_REV_CONTR_MEMBSHIP_DUE`	Membership dues received
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded $0, 1$ . Zero means none of this revenue type was received; one means this channel accounted for all total revenue.

Calculated For: 990 filers only.

Fundraising Events Revenue Ratio

get_revenue_fundevents_ratio()

Fundraising event contributions as a share of total revenue.

Formula:

revenue_fundevents = fundraising_event_revenue / total_revenue

Input variables

Argument	efile Variable	Description
`fundraising_event_revenue`	`F9_08_REV_CONTR_FUNDR_EVNT`	Gross revenue from fundraising events
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded $0, 1$ . Zero means none of this revenue type was received; one means this channel accounted for all total revenue.

Calculated For: 990 filers only.

get_revenue_reltdorgs_ratio()

Revenue from related organizations as a share of total revenue.

Formula:

revenue_reltdorgs = related_org_revenue / total_revenue

Input variables

Argument	efile Variable	Description
`related_org_revenue`	`F9_08_REV_CONTR_RLTD_ORG`	Contributions from related organizations
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded $0, 1$ . Zero means none of this revenue type was received; one means this channel accounted for all total revenue.

Calculated For: 990 filers only.

Investment Income Dependency Ratio

get_investment_income_ratio()

Measures reliance on investment-related revenue as a share of total revenue.

Formula:

iidr = investment_income / total_revenue

investment_income = invest_income + bond_proceeds + rent_income + asset_sale_income

Input variables

Argument	efile Variable	Description
`invest_income`	`F9_08_REV_OTH_INVEST_INCOME_TOT`	Investment income
`bond_proceeds`	`F9_08_REV_OTH_INVEST_BOND_TOT`	Income from bond proceeds
`rent_income`	`F9_08_REV_OTH_RENT_GRO_PERS`	Gross rental income
`asset_sale_income`	`F9_08_REV_OTH_SALE_ASSET_OTH`	Net gain from asset sales
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue

Definitional Range

Bounded $0, 1$ in most years, but values above 1.0 are possible in years with large asset sale gains. Values below zero can result from asset sale losses or negative investment returns.

Benchmarks and rules of thumb

Values above 0.30 indicate significant financial asset dependency and warrant monitoring of portfolio performance.
Large year-over-year swings often reflect one-time asset transactions rather than structural revenue changes.

Calculated For: 990 filers only.

Asset structure

Net Assets Composition Ratio

get_netassets_composition_ratio()

Share of total net assets that are unrestricted and available for general use.

Formula:

nacr = unrestricted_net_assets / total_net_assets

Input variables

Argument	efile Variable	Description
`unrestricted_net_assets`	`F9_10_NAFB_UNRESTRICT_EOY`	Unrestricted net assets, EOY
`total_net_assets`	`F9_10_NAFB_TOT_EOY`	Total net assets, EOY

Definitional Range

Bounded $0, 1$ when both numerator and denominator are positive: zero means all net assets are restricted; one means all net assets are unrestricted. Values outside this range occur when either unrestricted or total net assets are negative.

Benchmarks and rules of thumb

Above 0.50: At least half of net assets are unrestricted – generally healthy.
Below 0.20: Heavy donor-restricted balance sheet; limited flexibility.
Organizations with large permanent endowments may show low ratios without financial weakness.

Calculated For: 990 + 990EZ filers.

Operating Ratio

get_netassets_growth_ratio()

Year-over-year change in total net assets, expressed as a proportion of beginning net assets.

Formula:

or = ( net_assets_eoy - net_assets_boy ) / net_assets_boy

Input variables

Argument	efile Variable	Description
`net_assets_eoy`	`F9_10_NAFB_TOT_EOY`	Total net assets, EOY (990)
`net_assets_eoy`	`F9_01_NAFB_TOT_EOY`	Net assets from Part I, EOY (990EZ fallback)
`net_assets_boy`	`F9_10_NAFB_TOT_BOY`	Total net assets, BOY (990)
`net_assets_boy`	`F9_01_NAFB_TOT_BOY`	Net assets from Part I, BOY (990EZ fallback)

Definitional Range

Unbounded in both directions. A value of 0 means net assets were unchanged. Values below -1.0 (a drop of more than 100%) indicate that the organization lost more than its entire starting equity base, resulting in negative net assets. The ratio is undefined (NA) when BOY net assets equal zero.

Benchmarks and rules of thumb

Small positive values (0.01-0.10) are typical and healthy for operating nonprofits.
Below -0.10 in a single year is a warning sign; sustained negative growth indicates a structural financial problem.
Very high positive values (above 0.50) often reflect one-time large gifts or asset revaluations rather than sustained operational performance.

Calculated For: 990 + 990EZ filers.

Operating Reserves Ratio

get_operating_reserve_ratio()

Liquid unrestricted net assets available to cover operating expenses, expressed as a multiple of total annual expenses.

Formula:

orr = operating_reserves / total_expenses

operating_reserves = unrestricted_net_assets - net_fixed_assets

Input variables

Argument	efile Variable	Description
`unrestricted_net_assets`	`F9_10_NAFB_UNRESTRICT_EOY`	Unrestricted net assets, EOY
`net_fixed_assets`	`F9_10_ASSET_LAND_BLDG_NET_EOY`	Net land, buildings, and equipment
`total_expenses`	`F9_09_EXP_TOT_TOT`	Total functional expenses

Definitional Range

Unbounded in both directions when expressed in months. Negative values occur when unrestricted net assets are negative or when net fixed assets exceed unrestricted net assets. Values above 24 months are uncommon for operating organizations and may indicate accumulation beyond what is needed for operating risk management.

Benchmarks and rules of thumb

Less than 1 month: Acute vulnerability.
1-3 months: Below the commonly recommended minimum.
3-6 months: Generally adequate for most operating nonprofits.
6-12 months: Strong; appropriate for volatile-revenue or capital-intensive organizations.
The Nonprofit Finance Fund recommends a minimum of 3 months.

Calculated For: 990 + 990EZ filers.

Investment Assets Ratio

get_investments_assets_ratio()

Investment securities as a share of total assets.

Formula:

investments_assets = ( pub_traded_securities + other_securities ) / total_assets

Input variables

Argument	efile Variable	Description
`pub_traded_securities`	`F9_10_ASSET_INVEST_SEC_EOY`	Publicly traded securities, EOY (scope: 990 + 990EZ)
`other_securities`	`F9_10_ASSET_INVEST_SEC_OTH_EOY`	Other securities, EOY (scope: 990 + 990EZ)
`total_assets`	`F9_10_ASSET_TOT_EOY`	Total assets, EOY

Definitional Range

Bounded $0, 1$ . Most operating nonprofits show values near zero; foundations and endowed institutions may show values above 0.80.

Benchmarks and rules of thumb

No universal benchmark. Operating nonprofits with values above 0.30 are typically holding significant endowment or reserve portfolios.
A high investment ratio combined with a high debt ratio may indicate borrowing to fund operations while holding investments – worth scrutinizing.

Calculated For: 990 filers only.

Land, Buildings, and Equipment to Assets Ratio (Net)

get_land_assets_net_ratio()

Net land, buildings, and equipment as a share of total assets.

Formula:

land_assets_net = land_bldg_equip_net / total_assets

Input variables

Argument	efile Variable	Description
`land_bldg_equip_net`	`F9_10_ASSET_LAND_BLDG_NET_EOY`	Net land, buildings, and equipment, EOY (scope: 990 + 990EZ)
`total_assets`	`F9_10_ASSET_TOT_EOY`	Total assets, EOY

Definitional Range

Bounded $0, 1$ in normal conditions. Heavily skewed toward zero because many nonprofits own no real property.

Benchmarks and rules of thumb

Values below 0.10 are typical for lean service organizations.
Values above 0.50 indicate that more than half of assets are fixed property, limiting financial flexibility.
Declining values over time may reflect depreciation outpacing new capital investment rather than strategic deleveraging.

Calculated For: 990 filers only.

Land Asset Ratio

get_land_assets_gross_ratio()

Share of total assets invested in land, buildings, and equipment.

Formula:

lar = land_buildings_equipment / total_assets

Input variables

Argument	efile Variable	Description
`land_buildings`	`F9_10_ASSET_LAND_BLDG_DEPREC`	Accumulated depreciation on land and buildings
`total_assets`	`F9_10_ASSET_TOT_EOY`	Total assets, EOY

Definitional Range

Bounded $0, 1$ in normal conditions. The distribution is highly right-skewed: most nonprofits with no owned real estate show values near zero, while capital-intensive organizations (healthcare, housing, higher education) may show values above 0.50.

Benchmarks and rules of thumb

Most informative for within-subsector comparisons.
High values indicate illiquidity risk: if the majority of assets are fixed property, the organization has limited ability to quickly convert assets to cash.

Calculated For: 990 filers only.

Asset Revenue Ratio

get_assets_revenue_ratio()

Measures the size of an organization’s asset base relative to its annual revenue.

Formula:

arr = total_assets / total_revenue

Input variables

Argument	efile Variable	Description
`total_assets`	`F9_10_ASSET_TOT_EOY`	Total assets, end of year (990)
`total_revenue`	`F9_08_REV_TOT_TOT`	Total revenue from Part VIII (990)
`total_revenue`	`F9_01_REV_TOT_CY`	Total revenue from Part I (990EZ fallback)

Definitional Range

Bounded below at zero; unbounded above. The ratio is undefined when revenue is zero. Typical operating nonprofits show values in the $0.5, 5.0$ range. Endowed organizations and capital-intensive nonprofits may show values of 10 or higher.

Benchmarks and rules of thumb

No universal benchmark; most meaningful for within-subsector comparisons.
Below 1.0: Annual revenue exceeds total assets – common for lean service organizations with minimal physical assets.
Above 10: Typically indicates a capital-heavy asset base or a small revenue base relative to accumulated assets.

Calculated For: 990 + 990EZ filers.

Liquidity

Current Ratio

Quick Ratio

Cash Ratio

Cash and Savings to Assets Ratio

Cash on Hand

Burn Rate

Days of Operating Cash on Hand

Days of Operating Cash and Investments

Months of Operating Cash on Hand

Months of Liquid Unrestricted Net Assets (LUNA)

Solvency & leverage

Debt to Asset Ratio

Debt to Equity Ratio

Debt to Net Assets Ratio

Short Term Debt Ratio

Secured Debt Ratio

Unsecured Debt Ratio

Equity Ratio

Performance & margins

Surplus Margin

Return on Assets

Return on Net Assets

Post-Depreciation Profitability Margin

Pre-Depreciation Profitability Margin

Self Sufficiency Ratio

Expense structure

Program Expense Ratio

Overhead Ratio

Administrative Overhead Ratio

Fundraising Efficiency Ratio

Compensation Expense Ratio

Grants-to-Others Expense Ratio

Member Benefits Expense Ratio

Fees for Services Expense Ratio

Payments to Affiliates Ratio

Revenue structure

Government Grant Ratio

Donation/Grant Dependence Ratio

Earned Income Dependency Ratio

Program Service Revenue Ratio

Membership Dues Revenue Ratio

Fundraising Events Revenue Ratio

Related Organizations Revenue Ratio

Investment Income Dependency Ratio

Asset structure

Net Assets Composition Ratio

Operating Ratio

Operating Reserves Ratio

Investment Assets Ratio

Land, Buildings, and Equipment to Assets Ratio (Net)

Land Asset Ratio

Asset Revenue Ratio