Is New York Credit & Financial Management Assn Inc Legit?

The New York Credit & Financial Management Assn Inc has experienced a consistent trend of operating deficits in recent years, with expenses exceeding revenue in all reported periods from 2015 to 2019. For instance, in 2019, expenses were $398,759 against revenues of $357,349, resulting in a deficit of over $41,000. This pattern suggests a potential reliance on accumulated assets or other funding sources to cover operational costs. The organization's assets have also shown a declining trend, from a high of $883,025 in 2015 to $549,776 in 2019, while liabilities have remained high, reaching $924,278 in 2019. This indicates a concerning financial position where liabilities significantly outweigh assets. Regarding spending efficiency, without a detailed breakdown of program, administrative, and fundraising expenses, it's challenging to fully assess. However, the consistent operational losses raise questions about the sustainability of current spending levels relative to revenue generation. The absence of reported officer compensation across all filings suggests either a volunteer-led executive structure or that compensation is reported under other expense categories, which could impact transparency if not clearly disclosed elsewhere. The organization's financial health appears to be under stress due to persistent deficits and a negative net asset position.