AI Transparency Report
Fairhaven Healthcare Center Inc. demonstrates consistent financial operations, though it has experienced a decline in revenue over the past few years, from $15.4 million in 2018 to $11.8 million in 2021. The organization consistently reports expenses exceeding revenue, leading to a negative net income in all reported periods. For instance, in 2021, expenses were $14,975,809 against revenues of $11,897,110. This trend has contributed to a significant increase in liabilities relative to assets, with liabilities exceeding assets by over $10 million in 2021 ($33,880,632 liabilities vs. $23,711,383 assets). The organization's transparency is bolstered by its consistent filing of IRS Form 990s, with 11 filings available, indicating a commitment to public disclosure. However, the persistent operating deficit and growing liabilities warrant closer examination of its long-term financial sustainability.