Is New Fordham Housing Development Fund Corp Legit?

New Fordham Housing Development Fund Corp, operating in the Bronx, NY, demonstrates a consistent operational deficit over the past decade, with expenses regularly exceeding revenue. For instance, in 2023, expenses were $2,026,731 against revenues of $1,655,019, indicating a reliance on existing assets or other funding sources to cover shortfalls. While the organization's assets have seen a gradual decline from $4,114,523 in 2014 to $3,005,054 in 2023, this decline is not precipitous given the consistent deficits. The NTEE code I20 suggests a focus on housing and shelter, which aligns with its mission. The absence of reported officer compensation across all filings indicates either a volunteer-led executive team or compensation being reported under other expense categories, which could impact transparency if not clearly disclosed elsewhere. The organization's financial health appears stable despite the recurring deficits, likely due to its substantial asset base. However, the long-term sustainability of operating at a loss warrants closer examination. The consistent revenue stream, hovering around $1.6 million in recent years, suggests a steady funding model, but it's insufficient to cover current operational costs. The lack of reported officer compensation is a positive indicator for donor confidence regarding executive pay, but a detailed breakdown of program, administrative, and fundraising expenses would provide a clearer picture of spending efficiency. Without this breakdown, it's challenging to fully assess how effectively funds are being utilized for its housing development mission.