AI Transparency Report
Corning Senior Apartments, operating in Osceola, AR, appears to be a small nonprofit focused on providing housing, as indicated by its NTEE code L22. The organization consistently reports modest revenues, with the latest filing showing $80,342. A notable trend is that expenses have frequently exceeded revenue, leading to a net deficit in most recent years. For example, in 2024, expenses were $96,167 against $80,342 in revenue, and similar patterns are observed in 2023 ($80,153 expenses vs. $74,416 revenue) and 2022 ($91,909 expenses vs. $73,191 revenue). This consistent operational deficit suggests the organization may be drawing down on its assets or relying on prior period surpluses to cover costs.
Despite the operational deficits, the organization maintains a healthy asset base relative to its liabilities. In 2024, assets stood at $542,531 against liabilities of $6,259, indicating strong financial solvency. The absence of officer compensation reported across all filings suggests a volunteer-led or very lean administrative structure, which is a positive indicator for program focus. However, the consistent decline in total assets over the years, from $676,057 in 2015 to $542,531 in 2024, warrants attention as it aligns with the ongoing operational deficits. This trend, if continued, could impact long-term sustainability.
Given the nature of providing senior housing, a significant portion of expenses would likely be directly related to property maintenance, utilities, and resident services. The lack of reported officer compensation points to good transparency regarding executive pay. However, without a detailed breakdown of expenses beyond the top-line figures, it's challenging to fully assess spending efficiency between program, administrative, and fundraising costs. The consistent operational deficits, while not immediately critical due to strong assets, are a financial trend that merits monitoring.