When you’re a freelance journalist, whether you’re reporting on your own channel or pitching editors, finding unique stories can go a long way in setting you apart.

Unique stories can be especially beneficial when an organization is already dominating the news cycle but everyone’s chasing the same angle, reporting the same thing.

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One way to find those hidden-gem stories for nonprofit organizations is digging into Form 990—the IRS financial disclosure. There, you can strike gold finding shiny nuggets from mismanagement to hidden agendas.

Here are stories you can uncover by digging into Form 990s:

Executive Compensation

Check the salaries and benefits of top executives. Are they earning six or seven figures while the nonprofit struggles to fund its mission? Has the organization been complaining about declining support and revenue while maintaining or raising large salaries?

High pay could spark public outrage or raise questions about misplaced priorities, especially for charities in the spotlight.

Revenue Sources

Look to see where the nonprofit’s money comes from.

Is one donor or grant funding most of the budget? A heavy reliance on a single source could jeopardize programs if that funding dries up, providing you an angle on the organization’s  financial vulnerability.

Heavy reliance on a particular funding source could also expose the driver for certain decisions.

Program Expenses

Dive into program expenses (money spent on the mission) compared to administrative and fundraising costs. Is only a small fraction going to the cause while overhead eats up the rest?

Low program spending could expose inefficiency and poor or absentee leadership providing a lead to a critical story about how donations are used. Cross-check with industry standards to strengthen your pitch.

Grants and Donations

Examine the grants or donations the nonprofit makes. Are funds going to questionable recipients, like politically connected groups or insiders?

Uncovering conflicts of interest or unusual recipients can reveal hidden agendas or favoritism, making for a juicy investigative piece. Also, verify recipients’ legitimacy through public records.

Lobbying Activities

Check for lobbying expenses. Is the nonprofit spending heavily to influence legislation? This can expose political priorities or unexpected biases, especially if an organization portrays itself as apolitical.

A story about lobbying could resonate if the advocacy ties to current policy debates or if the organization is lobbying on issues linked to specific groups or politicians.

Be aware that a company is not required to clearly identify lobbying spending, but there are ways to identify it, including using the Schedule C.

Related Organizations

Investigate Schedule R for ties to other entities.  Schedule R is used to report things like transactions with related organizations and unrelated partnerships a nonprofit uses to carry out significant activities.

Are funds flowing to obscure affiliates with little oversight? This could point to self-dealing or efforts to hide financial activity, leading you to a groundbreaking story about transparency, mismanagement, or even corruption

Unusual Expenses

Look for odd or large expenses that don’t align with the organization’s mission, like excessive spending on travel, fringe benefits, and vague consulting fees.

Large amounts of money spent on those expenses can indicate mismanagement or fraud, especially if those expense spike in a particular year or under certain management.

You can cross-reference your finding with news or whistleblower tips to help build your story.

Endowment Size & Spending

For nonprofits with endowments, check the fund’s size and annual spending. Is the organization dipping too deeply, risking long-term sustainability? Or is it hoarding funds while programs suffer? This angle can expose strategic missteps, particularly for high-profile institutions.

Changes Over Time

Compare multiple years of Form 990s to spot trends. Are revenues dropping sharply or expenses ballooning? Shifts like declining donations or rising debt can signal financial distress, misguided pivots, or flat-out mismanagement.

With that information, you could be first with a story forewarning of an organization’s looming financial troubles.

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